Pacific Ethanol renegotiating debt for Pekin ethanol plant with CoBank

In California, the Sacramento Business Journal reports that Pacific Ethanol is still having a hard time meeting its debt repayment schedule and is currently trying to renegotiate with CoBank the debt on the purchase of its ethanol plant in Pekin, Illinois. The payment on the credit facility is overdue and had a November 15 deadline to bring it into compliance. The company bought the Pekin ethanol plant for $76 million in 2017 but the ethanol market has suffered significantly since then.