NYSE Delisting Ethanol Producer Aventine

By DIRK LAMMERS

SIOUX FALLS, S.D. (AP) — The New York Stock Exchange said Monday it will suspend trading of ethanol producer Aventine Renewable Energy Holdings Inc. before the market opens on March 30.

Aventine shares fell 3 cents, or 15 percent, to 17 cents in Tuesday morning trading.

The NYSE said the Pekin, Ill.-based company's market cap fell below its required $15 million level for 30 consecutive days. The exchange recently relaxed the rule from $25 million because of market volatility and decline.

Aventine last week said it may need to seek Chapter 11 bankruptcy protection if it cannot raise sufficient cash in the very near-term.

The company said it does not expect to have enough cash to satisfy a $15 million interest payment due April 1 on an outstanding senior unsecured 10 percent fixed-rate note or to pay $24.4 million due to its engineering and construction contractor, Kiewit Energy Co.

In its most recent earnings filing, Aventine reported a fourth-quarter 2008 loss of $36.9 million, or 86 cents per share, compared with a profit of $3.3 million, or 8 cents per share, during the year-earlier period.