Alto Ingredients Inc (ALTO)

[sterlingkuning]

Because of this:
Selling pressure subsided.

S

ACRAMENTO, Calif., Nov. 2, 2011 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX - News), the leading marketer and producer of low-carbon renewable fuels in the Western United States, provided an update on its senior convertible notes.

The aggregate unpaid principal balance of the notes, originally $35.0 million as of October 6, 2010, has declined to $820,000 as of November 1, 2011. The principal balance was $8.4 million as of October 3, 2011, the date of the Company's last update. To date, a total of $33.0 million in principal has been converted into 58.4 million common shares, at an average conversion price of $0.56 per share.

"We are pleased to report that we have retired nearly all the convertible debt six months ahead of schedule," said the company's president and CEO, Neil Koehler, "The proceeds raised under these notes allowed us to secure our ownership interest in the Pacific Ethanol plants and significantly improve our cash position. Through retiring the convertible notes and reporting positive financial results for the third quarter, we are building shareholder value and positioning the company for continued growth and profitability."

As previously announced, Pacific Ethanol elected to make its November 1, 2011 installment payment in cash. As a result of voluntary conversions by certain note holders, the November payment was reduced to less than $10,000. In addition, on November 1, 2011, Pacific Ethanol elected to pay its December 1, 2011 installment, also in an amount less than $10,000, in cash. Further, the company intends to pay any remaining amounts, subject to voluntary conversions by the note holders, in cash. As of November 1, 2011, Pacific Ethanol had approximately 75.6 million common shares outstanding.