Renew Energy set to emerge Friday; committee waives plan condition

By Caroline Salls

Pittsburgh, July 14 - Renew Energy LLC's official committee of unsecured creditors has agreed to waive a plan effective date condition that would require the plan confirmation order to be final, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Wisconsin.

With the waiver, the company said the plan would take effect on Friday.

As previously reported, Olsen's Mill Inc. receiver and Renew Energy creditor Michael S. Polsky has appealed the plan confirmation order and asked the court to stay confirmation pending the outcome of his appeal.

A hearing on the stay motion was scheduled for Aug. 2, necessitating the waiver.

In a letter filed Wednesday, Polsky has asked the court to consider hearing the motion before the effective date instead of on Aug. 2.

Polsky said some of the parties in Renew's bankruptcy case were unwilling to defer the effective date until the court ruled on the stay motion.

Renew Energy, a Jefferson, Wis., ethanol producer, filed for bankruptcy on Jan. 30, 2009. Its Chapter 11 case number is 09-19491.

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