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Pacific Ethanol Emerges From Bankruptcy

( PACIFIC ETHANOL )
 SACRAMENTO-BASED PACIFIC ETHANOL WILL EMERGE FROM BANKRUPTCY IN THE NEXT FEW WEEKS, BUT IT WON'T RESUME FULL ETHANOL PRODUCTION FOR A WHILE.
 THREE OF THE COMPANY'S FOUR PLANTS QUIT PRODUCTION EARLY LAST YEAR WHEN THE BOTTOM FELL OUT OF THE ETHANOL MARKET.
 SINCE THEN, A GLUT HAS BEEN WORKED DOWN, PRICES HAVE FIRMED, AND A DELAWARE JUDGE HAS APPROVED THE COMPANY'S PLAN TO EMERGE FROM BANKTUPTCY.  LENDERS WILL OWN THE COMPANY WHICH WILL BE ALLOWED TO WALK AWAY FROM 290-MILLION DOLLARS IN DEBT.
 FOR NOW THE IDAHO PLANT WILL OPERATE, BUT THREE CALIFORNIA PLANTS (INCLUDING THE ONE NEAR MADERA) WILL REMAIN SHUT DOWN.