DES MOINES, Iowa — 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: http://www.allfuelsandenergy.com. ALL Fuels & Energy Company is a development-stage ethanol company organized to operate as an ethanol producer.