Engineering News

Pacific Ethanol running low on cash
Wednesday April 1, 2009, 2:47 pm EDT

SEC filing shows Pacific Ethanol could run out of cash; operations in question after April

SACRAMENTO, Calif. (AP) -- A Sacramento company that once was among the nation's fastest-growing ethanol producers says it could run out of cash within a month.

Pacific Ethanol Inc. said in a Securities and Exchange Commission filing Tuesday that it may not be able to continue past April 30 without renegotiating its debts or finding new sources of cash.

The company said filing for bankruptcy protection is a possibility.

It also revealed that it borrowed $2 million from its chairman, former California Secretary of State Bill Jones, and president and chief executive Neil Koehler.

After a period of growth in which it built plants in three states, Pacific Ethanol is in default on $250 million in loans. Rising prices for corn have squeezed the margins for many ethanol companies.

Pacific Ethanol shares closed at 33 cents Tuesday on the Nasdaq index.

Source: Associated Press

Engineering News Archive

 
// CAREER RESOURCES

Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

// WHAT WE DO
Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Petrochemicals
Fine chemicals
Agrochemicals
Industrial gases
Surfactants
Fertilizers
Solvents
Coatings
Polymers
Pharmaceuticals
Refinery
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Industry News Career Center FAQs Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home