All Entries Tagged With: "Pacific Ethanol"

Pacific Ethanol defaults on some loan covenants; creditors extend forbearance until Feb 27 to renegotiate debt

In California, major ethanol producer Pacific Ethanol has defaulted on an undisclosed series of loan covenants. The Sacramento Business Journal is reporting that the company has secured a forbearance agreement from two major lenders through February 27th while it renegotiates operating lines of credit with Wachovia Capital Finance. The Business Journal is also reporting that [...]

February 23, 2009 | Jim Lane | Comments 0

Pacific Ethanol, VeraSun idle three corn ethanol plants as gas price collapse bites industry

Pacific Ethanol and VeraSun Energy announced a combined total of three new plant closures as the toll of closures rose to six for 2009 to date. Pacific Ethanol shut its 40 Mgy corn ethanol plant in Madera, CA and VeraSun shuttered 220 Mgy in capacity in Albion, NE and Linden, IN.
The Digest reported on Friday [...]

January 12, 2009 | Jim Lane | Comments 0

The Top 10 Biofuels Stories of 2008: #7, VeraSun’s bankruptcy, and the first generation ethanol collapse

The meltdown seemed to commence in the early summer when corn prices jumped from the $4 range to $7.
Biofuel Energy was the first to indicate that they had significant negative exposure on corn prices. In their case, they had failed to hedge their purchases and were buying in the sky-high open markets and selling ethanol [...]

December 31, 2008 | Jim Lane | Comments 0