02 April 2009 22:10 [Source: ICIS news]
Pacific Ethanol earlier in the week warned that it may run out of cash by the end of April unless it is able to restructure its debts and obtain new funding.
The ethanol maker owes $246m (€187m) in debt associated with the construction of its plants and $5.3m under its revolving credit facility.
The company has halted production at three of its four units, citing unfavourable market conditions.
Pacific Ethanol’s lenders agreed to extend forbearance agreements until 30 April, the company said in a filing with the Securities and Exchange Commission (SEC).
That compares with a 52-week high of $6.86 and a low of 20 cents.
($1 = €0.76)
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