U.S. ethanol producer Pacific Ethanol's (PEIX) lengthy journey into an eventual restructuring came to a head last week when the company announced that it has "engaged a Chief Restructuring Officer on a consulting basis." The announcement, which was made as part of the company's Q4 earnings report, comes at a time when the entire U.S. ethanol sector is encountering its lowest margins since the 2012 Midwestern drought. As I have been detailing since 2018, though, Pacific Ethanol's problems predate the current operating environment by several quarters. While its share price has declined by