In California, Pacific Ethanol, Inc. entered into an agreement with Liberty Basin, LLC to sell 134 acres, rail loop and grain handling assets at its Pacific Ethanol Magic Valley plant in Burley, Idaho for $10 million in cash, but Pacific Ethanol will retain the ethanol production facility and terminal on remaining 25 acres. Pacific Ethanol […]
In California, Pacific Ethanol announced the company’s strategic realignment to focus on specialty alcohols and essential ingredients as well as its intent to change its corporate name. The company also announced the pricing of a $75 million equity offering and released certain preliminary results for the three months ended September 30, 2020. Over the past […]
In California, Pacific Ethanol reported second quarter 2020 results showing a net income of $14.6 million and adjusted EBITDA of $28.8 million, expects an adjusted EBITDA for the second half of 2020 to be in the range of $50 to $70 million, and significantly increased their high quality alcohol production for use in hand sanitizers […]
In California, Pacific Ethanol says it is expanding its production capacity of USP grade high quality alcohol at its Pekin, Illinois facility by 30 million gallons per year. The new capacity will be online in the fourth quarter of 2020, supplying the growing demand for the company’s USP grade high quality alcohol with existing and […]
In California, the Sacramento Business Journal reports that Pacific Ethanol was amongst the grantees to receive funds from the Paycheck Protection Program. The $9.9 million federal loan is to help the company keep its staff despite losing 50% of its demand as a result of the COVID-19 pandemic. Demand is rising and is currently only […]
In California, Pacific Ethanol, Inc. announced it has closed on its agreement to sell its 74% ownership interest in Pacific Aurora, LLC to Aurora Cooperative Elevator Company (Aurora Cooperative) for a total valuation of $52.8 million. After working capital adjustments and settlement of certain payables between the parties, the Company received at closing $20.2 million […]
In California, ICIS reports that similar to many other ethanol producers across the US, Pacific Ethanol told investors that it will mothball 60% of its ethanol production before April as COVID-19 related lockdowns keep drivers off the road, which is estimated to cut fuel demand by at least 50%. Although the company has joined the […]
In California, Pacific Ethanol, Inc. announced it has signed a definitive agreement to sell its 74% ownership interest in Pacific Aurora, LLC to the Aurora Cooperative Elevator Company (Aurora Cooperative) for $52.8 million of consideration, subject to certain working capital adjustments. Aurora Cooperative currently holds a 26% ownership interest in Pacific Aurora, LLC. Included in […]
In California, Pacific Ethanol, Inc. entered into long-term amendments to its senior secured notes and to its term loans with CoBank and Compeer Financial for its Pekin and Illinois Corn Processing plants. Pacific Ethanol has entered into an amendment extending the final maturity of the company’s senior secured notes by two years to December 15, […]
In California, Pacific Ethanol, Inc. reported it has reached agreements in principle for long-term amendments with its lenders and has secured short-term extensions to allow time for the company, its senior secured lenders and Pacific Ethanol Pekin LLC’s term lenders to prepare documentation implementing the agreements. Neil Koehler, Pacific Ethanol’s president and CEO, stated, “We […]
