Pacific Ethanol seeks exclusivity extension to prepare plan

By Alice Popovici

New York, Sept. 2 - Pacific Ethanol, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Dec. 16 from Sept. 14 and the solicitation period to Feb. 11, 2010 from Nov. 13.

A hearing has been scheduled for Oct. 6.

Pacific Ethanol said its initial exclusive period was spent stabilizing business operations and starting "extensive negation and litigation" in connection with the terms of its debtor-in-possession facility, as well as beginning negotiations with creditors. But the company needs more time to complete their analysis and finalize discussions on a plan "that will result in the maximum recovery to their stakeholders," the motion states.

Pacific Ethanol is a Sacramento, Calif., marketer and producer of ethanol. Its Chapter 11 case number is 09-11713.

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