Pacific Ethanol announces $27 million second-quarter loss; has cash to carry through September

In California, Pacific Ethanol announced a second-quarter loss of $27.4 million, up from $8.3 million in the corresponding period last year despite bankruptcy protection which was sought in May. The company has shut down production at three of its four processing plants to converse cash, and said that it has enough cash to survive through September.

Revenues fell to $70.1 million, from $198 million the previous year, due to the production falls. The company has burned through $12.3 of its $20 million bankruptcy funding as of last week, according to papers filed with the SEC.

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