Tag: Pacific Ethanol

Pacific Ethanol lands $9.9M PPP loan

Pacific Ethanol lands $9.9M PPP loan

May 14, 2020 |

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 […]

Read More

Aurora Coop’s purchase of Pacific Aurora closes for $52.8 million

Aurora Coop’s purchase of Pacific Aurora closes for $52.8 million

April 20, 2020 |

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 […]

Read More

Pacific Ethanol to cut 60% of ethanol production by end-March

Pacific Ethanol to cut 60% of ethanol production by end-March

March 30, 2020 |

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 […]

Read More

Pacific Ethanol sells 74% ownership in Pacific Aurora for $52.8M

Pacific Ethanol sells 74% ownership in Pacific Aurora for $52.8M

March 3, 2020 |

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 […]

Read More

Pacific Ethanol rearranges CoBank and Compeer Financial loans while looking to sell off assets

Pacific Ethanol rearranges CoBank and Compeer Financial loans while looking to sell off assets

December 23, 2019 |

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, […]

Read More

Pacific Ethanol reworking more debt extensions with lenders

Pacific Ethanol reworking more debt extensions with lenders

December 17, 2019 |

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 […]

Read More

Pacific Ethanol Pekin renegotiates CoBank loan payment to December 15

Pacific Ethanol Pekin renegotiates CoBank loan payment to December 15

November 18, 2019 |

In California, Pacific Ethanol reported that Pacific Ethanol Pekin, LLC, an indirect wholly-owned subsidiary of Pacific Ethanol, Inc., has entered into an amendment to extend the waiver and payment deferral terms of its credit agreements with CoBank, ACB through December 15, 2019. Neil Koehler, Pacific Ethanol’s president and CEO, stated, “We appreciate CoBank’s support of […]

Read More

Pacific Ethanol renegotiating debt for Pekin ethanol plant with CoBank

Pacific Ethanol renegotiating debt for Pekin ethanol plant with CoBank

November 13, 2019 |

In California, the Sacramento Business Journal reports that Pacific Ethanol is still having a hard time meeting its debt repayment schedule and is currently trying to renegotiate with CoBank the debt on the purchase of its ethanol plant in Pekin, Illinois. The payment on the credit facility is overdue and had a November 15 deadline […]

Read More

Pacific Ethanol looking to partner on or sell assets due to negative margins

Pacific Ethanol looking to partner on or sell assets due to negative margins

August 5, 2019 |

In California, DTN reports that Pacific Ethanol is actively looking to sell ethanol plants or create joint ventures in an effort to reduce its risk exposure during the current market’s era of low and negative margins. The company’s CEO said during an earnings call last week that the trade war with China has been a […]

Read More

Pacific Ethanol could sell some assets, reports Q2 results

Pacific Ethanol could sell some assets, reports Q2 results

August 3, 2019 |

In California, Pacific Ethanol, Inc., a producer and marketer of low-carbon renewable fuels and alcohol products, reported its financial results for Q2 2019 and said they are “actively engaged in discussions which could lead to the sale of production assets, new financing arrangements, the formation of new strategic partnerships or some combination of these alternatives,” […]

Read More