Pacific Ethanol extends repayment date with creditor, cites low ethanol prices, as the company moves to restart Idaho operations

In California, Pacific Ethanol, which announced plans last week to restart operations at its shuttered 60 Mgy Burley, ID corn ethanol plant, reached a settlement with a creditor that will delay a $1.9 million payment required under a 2008 judgment – due tomorrow – to April 1, 2010.

Under the revised agreement, Pacific Ethanol will pay $364,000 by December 18th and the the creditor will not pursue further collection activity until after the April deadline. Pacific Ethanol said that it needed to delay payments because of low ethanol prices, which have exacerbated a cash-flow crisis.

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