Pacific Ethanol Seeks To Unload Debt, Keep Plants

Law360, New York (March 30, 2010, 3:14 PM EDT) -- Pacific Ethanol Inc. has filed a plan of reorganization that the ethanol producer says will reduce its secured debt load by more than $178 million, let it keep running its plants and allow it to leave Chapter 11 in the coming months.

The proposed plan, lodged in the U.S. Bankruptcy Court for the District of Delaware, also provides for up to $35 million in a new line of credit to support current and future operations, the company said Monday.

The plan contemplates a continuation of operations...
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