Panda Ethanol restructures finance as manure-to-ethanol plant opening delayed to January

In Texas, Panda Ethanol said that it had completed the refinancing of its manure-to-ethanol project in Hereford. Due to construction delays, the project had been nearing default on loans that will provide more than $31 million in additional completion funds. The plant was originally slated for completion in December 2007, but is now expected to commence operations in January 2009. Some restructuring included debt-to-0equity conversion, the company said.

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