Support: 888-992-3836
Copyright © 2023 InvestorsHub Inc.
Replies to post #29844 on Alto Ingredients Inc (ALTO)
Harry Winston
05/03/19 12:09 PM
#29845 RE: Dutch1 #29844
In a move that is sure to thrill the agricultural community, President Trump will end certain restrictions on selling gasoline containing a higher percentage of ethanol. The decision is intended largely to satisfy U.S. corn producers and ethanol manufacturers and will have only minimal effects on the vast majority of U.S. drivers.
In March, Pacific Ethanol said it engaged Minneapolis-based investment bank Piper Jaffray Cos. to help it sell assets. Pacific Ethanol said it was considering selling some production assets as it eyed a December deadline to refinance $67 million in debt coming due. A week later, Pacific Ethanol disclosed it had breached a loan covenant, and that it could miss more payments. The next week, Pacific Ethanol said it had reached an agreement with lenders that brought it back into compliance with the terms of debt it owes on a refinery in Pekin, Illinois. Under that new agreement, lenders waived Pacific Ethanol’s financial covenant violations, including a further deferral of a principal payment of $3.5 million that was due Feb. 20. The deferral expires July 15, by which time Pacific Ethanol has to pay at least $14 million, according to a disclosure filed in March with the Securities and Exchange Commission.