Aventine Renewable Energy nears bankruptcy

US ethanol producer Aventine Renewable Energy Holdings has warned it has defaulted on some debt payments and could be seeking Chapter 11 bankruptcy protection.

Shares for the company fell to $0.12 (€0.09) on the news.

The company is seeking equity financing or a buyer for all or part of the company, but will choose bankruptcy if those efforts fail.

Aventine operates ethanol plants in Pekin and Aurora, Nebraska.