Aventine reports $1.5 mil Sept. income

Ethanol producer Aventine Renewable Energy Holdings Inc. generated a $1.5 million operating profit in September on $37.8 million in total sales. After the benefit of a $14.5 million reorganization gain, the net profit for the month was $15.1 million.

From the inception of the bankruptcy case in April, the operating loss was $3.3 million on $227.9 million revenue. Aventine has $30 million in secured financing provided by the holders of 75 percent of the $300 million in unsecured notes. First-lien lenders are owed $40.25 million.

The Chapter 11 petition filed in April by Pekin-based Aventine listed $799 million in assets against debt totaling $491 million. It has two plants in operation and two in construction. The operating plants have an annual capacity of 207 million gallons of ethanol.

The two plants being built are designed to produce 220 million gallons. The two new plants were to be completed this year.

The case is In re Aventine Renewable Energy Holdings Inc., 09-11214, U.S. Bankruptcy Court, District of Delaware (Wilmington).