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PEIX - Pacific Ethanol's Asset Sale Illustrates Its Challenges
Pacific Ethanol Inc.
The share price of U.S. ethanol producer Pacific Ethanol (PEIX) popped by more than 50% on March 3, although it quickly gave back all of its gains (see figure). The cause of the brief rally was the company's announcement that it has agreed to sell its 74% ownership stake in Pacific Aurora LLC to Aurora Cooperative Elevator for $52.8 million. The sale involves two Nebraska-based dry mill facilities, Pacific Ethanol - Aurora East and Pacific Ethanol Aurora West, that have a combined capacity of 145 million gallons, as well as associated logistical