Aventine gets bucks, Buckeye boosted by biomass, a call to action
Bankruptcy court approves first $15 million in new financing for Aventine
Ethanol producer Aventine Renewable Energy, said a U.S. Bankruptcy Court gave interim approval to a debtor-in-possession financing package, thus permitting the company to access a first tranche of $15 million in financing, This will allow the company to move forward with payments to suppliers and employees, it said.
Aventine, based in Pekin, IL, filed to reorganize under Chapter 11 on April 7 to reorganize and restructure its debt with its bondholders. The DIP term sheet names Brigade Leveraged Capital Structures Fund, Ltd., Nomura Corporate Research & Asset Management, Inc., as the investment manager for and on behalf of certain lenders, Whitebox Hedged High Yield Partners, L.P., Pandora Select Partners, L.P. (as lenders), Aventine Renewable Energy, Inc., Aventine Renewable Energy – Mt Vernon, LLC, and Aventine Renewable Energy – Aurora West LLC on a joint and several basis as debtors in possession under Chapter 11.
A hearing is scheduled for May 5th on the total $30 million DIP package.
Buckeye generates 79 percent on energy needs from biomass
In its recently-released sustainability report for 2008 Buckeye Technologies, the Memphis manufacturer and marketer of specialty fibers and non-woven materials, says it has reduced its GHG emissions by 15 percent per ton of production since 2003 while generating 79 percent of its total energy needs from renewable biomass.
Buckeye’s first sustainability report also has information about the company’s social impacts, including safety, diversity, and contributions to communities where it operates.
Click here to view the report.
Call to action on building a sustainable future
A draft report from the National Science Board calls on the U.S. to “develop, clearly define, and lead a nationally coordinated research, development, demonstration, deployment, and education (RD3E) strategy to transform the U.S. energy system to a sustainable energy economy that is far less carbon-intensive.”
One of the key findings in the report says the level of federal support for sustainable energy research and development is inadequate to meet the scale and scope of the challenges for achieving sustainable energy solutions.
Another perhaps inconvenient finding is that the current energy economy “does not adequately value or reward the attributes of sustainable energy solutions relative to those for the use of non-sustainable energy.”
Dan Arvizu, co-chairman of the NSB’s Task Force on Sustainable Energy as well as head of the National Renewable Energy Laboratory (NREL) said that the measures recommended “can help to promote national security by increasing U.S. energy independence, ensure environmental stewardship by reducing energy and carbon intensity, and generate continued economic growth through innovation in energy technologies and increases in green jobs.”
The group called for the establishment of a Presidential Sustainable Energy Council to coordinate all federal activities in sustainable energy, boost R&D spending, develop stable policy, lead globally and bolster science and technology education.
The 25-member National Science Board is the policy-making body for the National Science Foundation and advises the President and Congress.
• The U.S. government must adopt a forward-looking, long-term, coordinated strategy for achieving a stable, sustainable, and clean energy future.
• The U.S. must substantially increase efforts in education and workforce development related to sustainable energy research and technology development and deployment.
• Limited international engagement and collaboration on sustainable energy solutions are inhibiting progress toward critical multilateral and bilateral actions.
• The U.S. Government should promote national public awareness of sustainable energy solutions, energy consumption, and energy efficiency.
Click this to view the report.