Pacific Ethanol (PEIX) Gets More Time To Pay Back Loans

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08:16:18 am on February 23, 2009

Pacific Ethanol just announced that its lenders have agreed to give the company more time to renegotiate its default loan agreements. Pacific Ethanol reached two separate agreements with its lenders, both of which give the company until February 27th before the lenders begin to take action.

Currently, according to the Sacramento Business Journal,  "the company is negotiating with Wachovia Capital Finance Corp. (Western) to alter terms of an operating line of credit for Pacific Ethanol subsidiary Kinergy Marketing. The company is also in talks with WestLB AG and other lenders of term loans and working capital lines of credit for its ethanol plants.

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