Pacific Ethanol (Nasdaq:PEIX) May Reopen Two Idle Plants

Pacific Ethanol (Nasdaq:PEIX) announced recently it is reorganizing the company in order to bring its four production subsidiaries out of bankruptcy.

They opened up the Magic Valley plant located in Idaho earlier in the year, and have plans to open up two more idled ethanol plants soon.

Lenders have already approved of the reorganization plan, and the two idled plants, which are both located in California, may resume production by the end of June.

Pacific Ethanol will be allowed to acquire up to 25 percent of the overall ownership in the new holding company, which has the subsidiaries transferred to it. The cost will be up to $30 million in cash.

Two plants wholly owned by Pacific are now operational - one in Boardman, Oregon, and the other in Burley, Idaho.

Combined they can produce up to 100 million of ethanol annually.

"Show Me Ethanol" Close to Filing Bankruptcy

Show Me Ethanol of Missouri is one step away from filing bankruptcy, as it has asked it shareholders for more funding via a capital call of $4,800 a share and a voluntary capital contribution.

If they can't raise the additional funds, the company will be forced to file for Chapter 11 bankruptcy.

Let it die!

Another Waste of Taxpayers Money as Northeast Biofuels Files for Chapter 11 Bankruptcy

Only a mere five months after becoming operational, Northeast Biofuels LP has already sought out bankuptcy protection under Chapter 11.

Businesses filing under Chapter 11 restructure their finances with the goal of starting operations up again.

The plant cost about $200 million to build, as another huge waste of taxpayers' money is revealed in the ongoing ethanol debacle.

Go here for bankruptcy petition, which was filed in U.S. Bankruptcy Court in Syracuse