Another ethanol plant in trouble

Pacific Ethanol Inc., has reported mounting losses and problems in securing $40 million in equity financing it needs to keep going.

In a filing with the Securities and Exchange Commission to explain the delay in filing its annual 10-K statement, the Sacramento-based company said it was in technical default on its debt financing and was seeking a waiver from lenders in order to secure the $40 million in cash from the contractor it hired to build two of its plants.

Without the waiver and the money, the company said its auditors would have to question its ability to continue as a "going concern."

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