Five Pacific Ethanol production units file for Chapter 11 bankruptcy

In California, the five individual ethanol production subsidiaries of Pacific Ethanol filed for Chapter 11 bankruptcy reorganization yesterday, citing high feedstock prices, low ethanol prices and the credit crunch as factors that sealed the company’s fate.

The company had previously shut down three of its four operating plants in an attempt to conserve cash, with only the 40 Mgy facility in Boardman, Oregon still in production.

The company’s marketing subsidiaries for fuel and dried distiller’s grains did no also file for reorganization.

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