Published: December 31, 2009
ALL Fuels Obtains Stay Pending the Hearing on the Motion to Reconsider the Order of Approval of Bankruptcy Sale of Ethanol Plant
DES MOINES, Iowa - (BUSINESS WIRE) - ALL Fuels & Energy announced that its subsidiary, ALL Fuels - Jefferson,
LLC, today obtained a Stay Pending the Hearing on the Motion to
Reconsider the Order signed on December 17,2009, preventing Valero
Renewable Energy Company from closing its proposed purchase of an
ethanol plant owned by Renew Energy LLC. The stay granted today is
effective until January 6, 2010, when another hearing will be held to
determine whether a stay will be granted until January 14, 2010, the
date on which ALL Fuels - Jefferson, LLC's Motion to Reconsider is to be
heard.
Renew Energy is the debtor-in-possession in a Chapter 11 bankruptcy
proceeding (U.S. Bankruptcy Court, Western District of Wisconsin, Case
No. 09-10491). The stayed sale order approves the sale of the Renew
Energy's ethanol plant to Valero Renewable Energy Company for $72
million.
At the January 14, 2010, hearing, ALL Fuels-Jefferson, LLC intends to
present what it believes to be important information regarding the
auction and determination of the winning bid that was not brought to the
bankruptcy court's attention at the December 14, 2009, sale confirmation
hearing.
"We are actively pursuing our legal options so that all of the facts
surrounding the auction of the Renew Energy ethanol plant can come to
light and be considered by the bankruptcy court. We believe the ALL
Fuels bid of $77 million is the best opportunity for the independent
ethanol producers, farmers, Wisconsin taxpayers, participating banks,
and ALL Fuels shareholders," said Dean Sukowatey, President and CEO of
ALL Fuels & Energy.
About ALL Fuels & Energy Company
Visit the company online at: www.allfuelsandenergy.com.
ALL Fuels & Energy Company is a development-stage ethanol company
organized to operate as an ethanol producer.
Safe Harbor Statement
This press release contains statements that may constitute
forward-looking statements, including the company's ability to
successfully acquire one or more ethanol production facilities. These
statements are based on current expectations and assumptions and involve
a number of uncertainties and risks that could cause actual results to
differ materially from those currently expected. For additional
information about ALL Fuels & Energy's future business and financial
results, refer to ALL Fuels & Energy's Annual Report on Form 10-K for
the year ended December 31, 2008. ALL Fuels & Energy undertakes no
obligation to update any forward-looking statements that may be made
from time to time by or on behalf of the company, whether as a result of
new information, future events or otherwise.
ALL Fuels & Energy Company
Dean Sukowatey, 515-331-6509
dean@allfuelsandenergy.com
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