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Business Journal: Pacific Ethanol's Bankruptcy Makes Progress



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(Sacramento, CA)
Wednesday, June 09, 2010
The company’s shares increased more than 10 percent in early trading Wednesday, but retreated a bit later in the day and closed up five percent.  The company has been battling declining prices for the fuel and increasing costs for the raw material that eventually becomes ethanol fuel.
 
The company, which will eliminate $290 million in debt with the bankruptcy, will no longer own its four ethanol-production plants, which range from Madera in the Central Valley to Burley, Idaho.  However, Pacific Ethanol will continue to manage and operate those plants, and could regain a 25 percent stake in the operations by paying $30 million within the next three months.  Former California Secretary of State Bill Jones helped start Pacific Ethanol in Fresno in 2003, and later moved the company to Sacramento.
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