RNS Number : 5868E
Renova Energy plc
29 September 2008
29 September 2008
Renova Energy plc ("the Company")
Accounts for the year ended 31 March 2008
As previously announced on 20 June 2008, the Company's US subsidiaries voluntarily filed for Chapter 11 Bankruptcy Protection in order
to restructure the Group's bank debt and other liabilities associated with the Group's part-completed ethanol plant in Heyburn, Idaho. The
Company's ordinary shares were suspended from trading on AIM on this date.
The US ethanol production, marketing and distribution business is continuing to trade in the ordinary course and its achieving strong
profitability and cashflow. However, under the terms of the Group's banking arrangements and the Chapter 11 process, the parent company does
not have access to the working capital generated by this business and only has very limited financial resources with which to continue to
operate.
In view of the Company's uncertain financial position, it is unable to prepare audited accounts for the year ended 31 March 2008, which
are required to be published to shareholders by 30 September 2008 under the AIM Rules.
The Company is continuing to pursue financing and other strategic options but, in any event, it is likely that the Company will have to
seek the appointment an Administrator in the near future.
.
For further information please contact
Renova Energy
Chris Thomas, Chairman 0207 299 4444
Fanton Chuck, Chief Executive Officer 0207 299 4444
Raf Alam, Finance Director 0207 299 4444
Brewin Dolphin (Nomad)
Sandy Fraser, Managing Director 0845 213 2072
or visit www.renovaenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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