Pacific Ethanol says production drops 24 percent, ethanol prices 28 percent; fresh bankruptcy warming

In California, Pacific Ethanol issued a fresh bankruptcy warning, saying that it has yet to work out a satisfactory voluntary restructuring with its creditors, and said it will need to restructure in “the very near-term”. The company reported a net loss of $23.9 million for the first quarter. compared to a loss of $35.2 million for the same period in 2008. Sales have dropped to $86.7 million compared to $161.5 million in the corresponding period in 2008. The company said its production dropped 24 percent and prices dropped 28 percent.

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