Renova reorganizes U.S. operations

By | August 04, 2008
After filing for Chapter 11 bankruptcy protection in late June, Renova Energy PLC said it expects to continue operations of its Boise, Idaho-based marketing and distribution firm Renova Energy Inc., and its ethanol production facility Wyoming Ethanol LLC in Torrington, Wyo. After filing for bankruptcy, Renova received $4 million in operating capital to continue operations while reorganization continued. Company Chairman Chris Thomas attributed the financial crisis to cost overruns on now-suspended construction of its 20 MMgy ethanol plant in Heyburn, Idaho. The company is in negotiations for the sale of the partially constructed plant.