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LONDON (Thomson Financial) - Renova Energy Plc. said it has agreed an
extension to a standstill agreement with its lenders until May 19, to plan
completion of the Heyburn project and to raise additional finance for the
project.
The ethanol producer said talks over restructuring its existing bank debt
are continuing.
On April 3, Renova Energy estimated the cost of the combined ethanol and
power plant at Heyburn, Idaho, which has been on hold since December 2007, at
$60.1 million.
The ethanol producer has hired a engineering consultant firm to re-plan and
re-evaluate the costs to complete the project over a revised schedule.
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