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16:23 EDTPEIX
theflyonthewall.com: Pacific Ethanol prepares to resume operations at its Magic Valley facility
Pacific Ethanol announced that it is preparing to resume production of ethanol at its 60M gallon per year Magic Valley facility located in Burley, Idaho. In February 2009, the company suspended production at the Magic Valley facility due to extended unfavorable market conditions. In May 2009, the company's subsidiaries which own its four ethanol production facilities, including the Magic Valley plant, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware in an effort to restructure their indebtedness. Market conditions for producing ethanol have improved and the company plans to restart the Magic Valley facility in January 2010, subject to approval by the bankruptcy court, final documentation and a number of other conditions, including rehiring and training staff and restocking corn and other raw materials. The bankruptcy court is expected to consider the planned restart at a hearing on December 14, at which the lenders providing debtor-in-possession financing for the Magic Valley facility are expected to support the initiative. :theflyonthewall.com



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February 4, 2010
07:05 EDTPEIX
theflyonthewall.com: Government announces ethanol, biofuel initiatives, NY Times reports

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February 3, 2010
13:04 EDTPEIX
theflyonthewall.com: Government may announce new strategies for boosting biofuel use
Some biofuel stocks are advancing after FBR Capital, in a note to investors, reported that Obama Administration officials would disclose later today the government's strategy for increasing the use of biofuels. While the Administration will probably concentrate on ways of boosting the use of sugar and cellulosic ethanol, major government initiatives to increase the use of these biofuels could be viewed as positive for corn ethanol, according to FBR analysts Benjamin Salisbury and Rehan Rashid. Meanwhile, the analysts predict that the EPA, as early as today, will probably announce plans to force oil refiners to include a certain amount of ethanol in their gasoline, and make the quota retroactive to the beginning of 2010. Such a move would be positive for ethanol producers, according to the analysts, who caution that the refiners could take the issue to court. In early afternoon trading, Verenium (VRNM) jumped 33c, or 6.11%, to $5.73 and Pacific Ethanol (PEIX) surged 18c, or 9.68%, to $2.04. :theflyonthewall.com