Pacific Ethanol (PEIX) is surging about 20% today with heavy volume after the company announced this morning that it resumed ethanol production at its facility in Stockton, CA on Dec 9 and is running at about full capacity.
It should be noted that this isn’t new news. The company first reported back in October it would resume operations due to governmental support for ethanol at the local and Federal (EPA) level.
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Pacific Ethanol (PEIX) is moving in pre-market trading on news the company plans to resume ethanol production at its Stockton, California facility and expects to begin in December. The move comes as a result of two big decisions – the approval in the California state budget to provide funding for the California Ethanol Producer Incentive Program which provides payments to ethanol producers during times when the margins are unfavorable (I’d sure love that in my … Read the rest
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
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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
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
The following article is republished with permission from Cabot and written by Andy Obermueller of Government-Driven Investing.
The President’s health care initiative rests on a shelf with little talk in Congress about what’s next for the sweeping overhaul. At the same time, Mr. Obama has re-positioned the chessboard for his climate-control bill, suggesting at a town-hall meeting in Nashua, New Hampshire, last Tuesday that the legislation might need to be split: One bill would contain … Read the rest
As reported by Agriculture.com’s Don Looker, Margo Oge, director of transportation and air quality at the EPA, did not attend this year’s Iowa Renewable Fuels Association summit because she was busy writing the second draft of the EPA’s new renewable fuel standards. The new standards are expected to be announced very soon, and the continued recovery of the American biofuels industry may hang in the balance.
Per the Energy Independence and Security Act of 2007, … Read the rest
Pacific Ethanol just announced that it is once again producing ethanol at its Magic Valley facility in Idaho. The plant hasn’t been in production since February 2009, when unfavorable market conditions caused Pacific Ethanol to shut it down. The company received approvals from the court handling its bankruptcy petitions and from its lenders to restart production at the plant in December, and now it is up and running again.
In a press release, Neil … Read the rest