Earlier this month, we reported that Pacific Ethanol’s Chapter 11 bankruptcy plan had been approved and that its four plants would soon be out of bankruptcy. That plan went into effect yesterday and the plants are now officially out of bankruptcy, having been transferred to a holding company called “New PEHC.”
Pacific Ethanol will continue to operate the plants and market the ethanol they produce via a fee and profit-sharing arrangement.The plan has wiped $290 … Read the rest
Pacific Ethanol just announced that its Chapter 11 bankruptcy plan has been approved and its plants will soon be out of bankruptcy protection. The restructuring plan gets rid of t $290 million in debt. The four plants that PEIX owns will be transferred to a holding company owned by its lenders, but PEIX will continue to run them.
For up to $30 million, the plan also gives PEIX the option to purchase 25 percent equity … Read the rest
Verenium just announced that they have received an additional $4.9M from the U.S. Department of Energy for its demonstration-scale cellulosic ethanol facility in Jennings, LA. The money, an extension of a previously-awarded grant, will be used to improve the biorefining process used at the plant.
In a press release, Carlos A. Riva, President and Chief Executive Officer at Verenium, commented on the news:
“We are very pleased to receive this additional funding from the … Read the rest
Green Plains Renewable Energy just announced that they will be acquiring agribusiness operations from the Tom Wade family and Farmers Grain of Trenton, LLC.
Under the terms of the agreement, Green Plans Renewable Energy will purchase 5 grain elevators located within a 50-mile radius of Green Plains’ Obion, Tennessee plant. The elevators can store 11.7 million bushels of grain, bringing the company’s total storage capacity to 30.3 million bushels. The company is also acquiring additional … Read the rest
Pacific Ethanol’s wholly-owned subsidiaries, consisting of Pacific Ethanol Holding Co. LLC and 4 ethanol plant subsidiaries, just announced that they have filed an amended reorganization plan with the Delaware bankruptcy court overseeing Pacific Ethanol’s bankruptcy procedures.
The amended plan now includes terms allowing Pacific Ethanol to buy up to 25% of the ownership interests for New PEH, a holding company which will take ownership of the subsidiaries mentioned above. Pacific Ethanol can exercise this option … Read the rest
Biofuel Energy (BIOF) reported terrific growth and reached a milestone in its latest quarter last night and traders are bidding up the stock more than 14% today on the news. The company reported an EPS of .21/share on revenue of $120 million. It’s the company’s first profitable quarter and a big improvement over the year ago period when they reported a loss of .43/share.
An impressive quarter, but CEO Scott Pearce warned that contractions in … Read the rest
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Pacific Ethanol (PEIX) is down more than 20% in premarket trading after it was announced that its subsidiaries filed a reorganization plan with the bankruptcy court in Delaware in cooperation with its lenders. The plan provides for up to $35 in new credit and restructures more than $400 million in debt. In return, the lenders will own the subsidiaries which will be combined under a new … Read the rest
Piper Jaffray has initiated coverage on Green Plains Renewable Energy (GPRE) this morning with an Overweight rating and a price target of $19. Hat tip to Street Insider for the following analyst comment:
“We believe this vertically-integrated ethanol producer is poised to deliver significant earnings growth over the next two years through much-improved ethanol production margins and the potential for highly-accretive M&A activity. The company’s recent capital raise strengthens the balance sheet and positions GPRE … Read the rest
Pacific Ethanol just announced that it will be partnering with Socius CG II, Ltd. to satisfy $34.7 million of outstanding debt with Lyles United LLC and its affiliate Lyles Mechanical Co. Under the agreement between the 3 companies, Lyle has agreed to sell the debt to Socius in $5 million segments.In exchange, Pacific Ethanol will provide Socius with free-trading shares of the Company’s common stock. These shares will be provided at a 20 percent discount … Read the rest
Verenium just announced that its Galaxy joint development program with BP will continue for an additional month, ending April of this year while the two companies continue to negotiate a long term agreement for developing and commercializing cellulosic ethanol. To continue the current agreement through March, BP will provide Verenium with another $2.5 million.
In a press release, Carlos A. Riva, President and Chief Executive Officer at Verenium, said that “Both Verenium and BP remain … Read the rest