Pacific Ethanol Units To Escape Bankruptcy

Law360, New York (June 9, 2010, 5:22 PM EDT) -- A group of ethanol production units is set to emerge from Chapter 11 now that parent Pacific Ethanol Inc. has received court approval for a plan that slashes $290 million in liabilities from the company's balance sheet.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware on Tuesday signed off on the plan of reorganization for Pacific Ethanol Holding Co. LLC and its four wholly owned ethanol production facility subsidiaries.

The plan, unanimously approved by the secured lenders, is expected to be...
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