Ethanol Makers Still Trying to Catch a Break from Banks, Debt Holders

Seeking Alpha
June 07, 2009 by MARIE DAGHLIAN

A combination of lower oil prices and challenging financial markets continues to spell disaster for U.S. ethanol companies, with another 10 providers of this first-generation biofuel going belly up in the first five months of 2009. Among the latest was Pacific Ethanol (PEIX), which saw its shares swoon 44 percent to 32 cents on May 19 when five of its six ethanol-producing units filed for Chapter 11 bankruptcy protection. The company had gone public in 2005 with shares debuting at $12.95.

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