09 June 2010 22:47 [Source: ICIS news]
HOUSTON (ICIS news)--US ethanol maker Pacific Ethanol said on Wednesday it had reached a deal with its lenders that would eliminate some $290m (€244m) in debt, while giving it the option of ownership in a new holding company.
The subsidiaries control Pacific’s four bio-refineries that have combined ethanol capacity of 220m gal/year (833m litres/year).
Under the agreement, the ethanol maker would have an option to purchase up to 25% of the total ownership interests in the new holding company for up to $30m.
The new holding company would have term debt of $50m with a working capital line of credit of up to $15m, which could be increased to $35m under the terms of the credit facility.
($1 = €0.84)
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