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Tuesday, July 16, 2019 3:06:07 AM
Pacific Ethanol (NASDAQ:PEIX) says it has extended the terms of its credit agreements with CoBank to Nov. 15, again deferring payment to a major lender for four months.
PEIX disclosed in March that it breached a loan covenant and could miss more payment, then reached a deal that brought it back into compliance with the terms of debt it owes on a refinery in Pekin, Ill., as lenders waived its covenant violations, including a further deferral of a $3.5M principal payment.
Also in March, PEIX said it engaged Piper Jaffray to help it sell assets to pay down debt.
President and CEO Neil Koehler says the company has not yet sold any assets but has made "enough progress on several fronts that our lenders are confident with us."
https://seekingalpha.com/news/3477928-pacific-ethanol-defers-loan-payment-four-months
NK can say a lot, but if they breach a loan covenant and might miss more payment, at a time where the SP is already too low to maintain their Nasdaq listing, it seems to me like they are having a problem.
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