Pacific Ethanol, Inc. Closes Sale of its Ownership Interest in Pacific Aurora, LLC
PACIFIC ETHANOL (PEIX)
Last pacific ethanol earnings: 3/26 04:05 pm
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US:NASDAQ Investor Relations:
pacificethanol.net/investors
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Source: GlobeNewswire
SACRAMENTO, Calif., April 16, 2020 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the United States, announced today it has closed on its agreement to sell its 74% ownership interest in Pacific Aurora, LLC to Aurora Cooperative Elevator Company (Aurora Cooperative) for a total valuation of $52.8 million. After working capital adjustments and settlement of certain payables between the parties, the Company received at closing $20.2 million of cash, before fees and $16.5 million in promissory notes. Approximately $14.5 million of the cash proceeds will be used to pay principal payments to its lender, CoBank. Neil Koehler, Pacific Ethanol’s president and CEO, stated, “We are pleased to have completed our sale to Aurora Cooperative and its farmer owners, which represents a significant step in achieving our strategic initiatives to reduce debt and continue to focus our resources
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