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| AVR > SEC Filings for AVR > Form 8-K on 12-Jan-2009 | All Recent SEC Filings |
12-Jan-2009
Entry into a Material Definitive Agreement, Financial Stat
Effective December 31, 2008, Aventine Renewable Energy - Mt. Vernon, LLC, a
wholly-owned indirect subsidiary of Aventine Renewable Energy Holdings, Inc.
(hereinafter together called "Aventine") and Kiewit Energy Company ("Kiewit")
entered into a change order, executed on January 6, 2009, to the Engineering,
Procurement and Construction Services Fixed Price Contract (the "EPC Contract")
for the ethanol facility currently under construction in Mt. Vernon, Indiana.
The change order contractually suspends construction of the ethanol facility (for up to 180 days, though Aventine plans to complete construction in Q4 2009 as previously reported) and addresses the extension of the construction schedule in the event of resumption of work. The payment schedule under the agreement was adjusted through June 30, 2009 as a result of this suspension of construction. Aventine also agreed to pay Kiewit and its subcontractors approximately $4.9 million in suspension costs, accrued in Q4 2008. The change order further provides for suspension services, the resumption of work, and the tolling of deadlines and milestones during the suspension, cancels a letter of credit granted in favor of Aventine, provides for Kiewit's forbearance of remedies, and provides for various other responsibilities and obligations of the parties common to such construction contracts and their suspension.
(a) Financial statements of businesses acquired - Not Applicable
(b) Pro forma financial information - Not Applicable
(d) Exhibits
Exhibit No. Description
None
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