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
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
It was just days ago that the government announced its intention to revive the biofuels industry with the formation of the Biofuel Interagency. The help couldn’t come any faster for Pacific Ethanol (PEIX), the largest ethanol producer on the West Coast. While the company itself didn’t file bankruptcy, it did place four of its production plants in Chapter 11 bankruptcy protection which had defaulted on about a quarter of a billion in debt. Ethanol producers … Read the rest