Aventine (AVR) And Verenium (VRNM) Face Serious Problems

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08:08:41 am on March 17, 2009

More bad news for ethanol…Aventine Renewable Energy Holdings, Inc, which produces ethanol from corn, just announced that it is having difficulty making payments to its creditors and that a Chapter 11 bankruptcy may be in the company’s near future, according to a story published by Reuters. According to Reuters, Aventine is taking a by-any-means necessary approach to raising capitol, "including seeking additional debt and equity financing and a potential sale of all or part of the company," but that it could seek bankruptcy protection soon if it those efforts were unsuccessful."

Next-generation ethanol producer Verenium Corp also had some bad news, with auditors questioning the company’s "ability to continue as a going concern" due to its working capital deficit of $23.8 million and an accumulated deficit of $622.6 million.

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