Pacific Ethanol Inc., the Sacramento-based marketer and producer of low-carbon renewable fuels, said it has fully retired $14 million in senior notes.
Neil Koehler, PEI’s president and CEO, said the action “strengthens our balance sheet by lowering our overall debt balances.”
For the past year, PEI has entered into multiple agreements to reduce debt and increase its ownership stake in its production facilities. That stake recently increased to 91 percent.
PEI’s efforts to bolster its financial house are part of a long process dating back to a 2009 bankruptcy filing by PEI’s production subsidiaries.
Call The Bee’s Mark Glover, (916) 321-1184.