Aventine Renewable Energy Holdings, Inc. Promotes Brian Steenhard to Chief Financial Officer
Jun 12 14
Brian Steenhard was recently promoted to chief financial officer of Aventine Renewable Energy Holdings Inc. Steenhard joined the company in January 2013 with responsibility for financial reporting, budget and forecast modeling, strategic turnaround business initiatives, and providing commodity-hedging strategies for risk management. He began his professional career in 1999 as an audit associate with Arthur Andersen in Minneapolis, working with clients in industries including energy trading, public gas and electric utilities, transportation, manufacturing and not-for-profits.
Aventine Renewable Energy Holdings, Inc. Amends Credit Agreement with Wells Fargo Capital Finance, LLC; Announces Board Changes; Amends Amendments to the Certificate of Incorporation and Bylaws
Sep 27 12
Aventine Renewable Energy Holdings Inc. announced in connection with the Restructuring, on September 24, 2012, the Amended and Restated Credit Agreement dated as of July 20, 2011 with Wells Fargo Capital Finance, LLC, as administrative agent, collateral agent and sole lender, was further amended and restated to, among other things, (i) provide for a reduced commitment of $30,000,000, with the ability to increase the facility to $50,000,000 pursuant to an uncommitted incremental facility, (ii) permanently waive the defaults specified in the Amendment Number Three to Revolving Credit Agreement and Forbearance Agreement dated as of July 27, 2012 and reset certain covenants in the Original ABL Facility and (iii) incorporate the other terms. The borrowing base applicable under the Original ABL Facility was retained, except that credit for any amounts in the blocked account will be limited to $2,500,000 in determining the borrowing base. The Letters of Credit issued and outstanding remain in place, and new Letters of Credit can be obtained, but the ABL Agent agreed not to cash collateralizes the company’s existing Letters of Credit or new Letters of Credit prior to an event of default. The minimum liquidity covenants were modified to require the borrowers to maintain, (i) at any time that the aggregate principal amount of outstanding revolving loans is less than $1,000,000, (x) excess availability of at least $5,000,000 and (y) excess availability plus qualified cash of at least $10,000,000, and (ii) at any time that the aggregate principal amount of outstanding revolving loans is greater than or equal to $1,000,000, excess availability of at least $10,000,000.
On the closing date and pursuant to the stockholders agreement, Kurt Cellar, Carney Hawks, and Douglas Silverman resigned from their positions on the Board. Mr. Cellar also resigned from his positions as Chairman of the Audit Committee of the Board and member of the Compensation Committee of the Board. Also on the Closing Date and pursuant to the Stockholders Agreement, the number of directors of the company was fixed at five, Eugene Davis, John Castle, and Tim Bernlohr remained on the Board, and Kip Horton and James Continenza became members of the Board. Within the merchant power and ethanol arena, Mr. Horton has extensive experience in risk management, trading-related activities and cash management. Mr. Horton currently serves on the boards of directors of South Bay Expressway, Bicent Power LLC and Southwest Georgia Ethanol. Mr. Continenza is a senior executive who specializes in turning around underperforming businesses across a variety of industries. Mr. Continenza has served in senior leadership roles at a number of companies. Mr. Continenza currently serves on the boards of directors of The Berry Company, LLC, Blaze Recycling, LLC, Neff Rental, LLC, Portola Packaging, Inc., Southwest Georgia Ethanol, LLC, and Tembec Corp, Inc.
In connection with the Restructuring, on September 20, 2012, the company amended and restated its third amended and restated Certificate of Incorporation to: (a) effect the reverse stock split, which resulted in one new share being issued for 50 existing shares of the company’s issued and outstanding common stock, in which stockholders that would otherwise be entitled to fractional shares received $6.15 in cash multiplied by each holder’s fractional share amount in lieu of stock for such fractional shares, and (b) make other changes necessary or convenient for the Restructuring. In connection with the Restructuring, on the closing date, the company amended and restated its amended and Restated Bylaws to make changes necessary or convenient for the Restructuring.