Pacific Ethanol Expects to Emerge From Bankruptcy
A deal between Pacific Ethanol Inc. and its lenders will enable the Sacramento-based company to shed significant debt and move forward with bankruptcy reorganization, officials have said. The Chapter 11 reorganization plan, approved by a judge in Delaware and expected to become effective at the end of the month, would eliminate about $290 million of debt and other liabilities and provide a line of credit of up to $15 million that could be expanded later, officials said Wednesday.
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