BURLEY, Idaho - Pacific Ethanol Inc., resumed production Wednesday at its 60 million gallon per year Magic Valley facility in Burley, Idaho.
The company's 40-million-gallon-per year plant at Boardman was only one that remained operating last year.
In February 2009 the company suspended production at the Magic Valley plant because of extended unfavorable market conditions. Then in May the company's subsidiaries which own its four ethanol production facilities, including the Magic Valley plant, filed bankruptcy petitions in an effort to restructure debt.
In December 2009, Pacific Ethanol obtained approvals to resume operations at the Magic Valley facility.
Pacific Ethanol's stock has rebounded upon the news. The company's shares began 2009 at 60 cents each, fell to 22 cents in early March. It reached a high of 95 cents on Dec. 1 and closed Friday at 89 cents per share.
"We are pleased to restart our Magic Valley facility and we are grateful for the cooperation our lenders and other stakeholders have extended," said CEO Neil Koehler. "The restart of the facility has also been well received by the local community."
source: eastoregonian
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