DEBT (Details Narrative) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 15, 2017 |
Sep. 01, 2017 |
Aug. 07, 2017 |
Jun. 30, 2017 |
May 20, 2017 |
Dec. 15, 2016 |
Dec. 12, 2016 |
Dec. 31, 2015 |
Dec. 15, 2015 |
Jul. 01, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Feb. 26, 2016 |
|
| Debt discount | $ 1,409 | $ 1,626 | ||||||||||||
| Principal balance | 244,425 | 201,862 | ||||||||||||
| Term Loan [Member] | Illinois Corn Processing, LLC [Member] | ||||||||||||||
| Line of credit | 32,000 | |||||||||||||
| A-1 Term Loan (Pacific Ethanol West Plants' Term Debt) [Member] | ||||||||||||||
| Line of credit | $ 17,003,000 | $ 17,003,000 | ||||||||||||
| Description of maturity date |
mature in June 2016 |
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| Debt retiremnt amount | $ 17,003,000 | |||||||||||||
| Increased in debt amount | 58,766 | 58,766 | $ 41,763 | |||||||||||
| A-1 Term Loan (Pacific Ethanol Central Plants' Term Debt) [Member] | ||||||||||||||
| Debt maturity date | Sep. 24, 2017 | |||||||||||||
| Description of interest rate |
Interest on the term loan facility accrued and could either be paid in cash at a rate of 10.5% per annum or paid in-kind at a rate of 15.0% per annum by adding such interest to the outstanding principal balance. |
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| Line of credit | $ 142,744 | |||||||||||||
| Description of debt collateral |
Secured through a first-priority lien on substantially all of the Pacific Ethanol Central Plants |
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| Debt discount | $ 2,875 | 1,152 | ||||||||||||
| Paid in kind interest | 9,451 | |||||||||||||
| Principal balance | $ 155,070,205 | |||||||||||||
| Repayment of debt | $ 155,070,205 | |||||||||||||
| Credit Agreement [Member] | Illinois Corn Processing, LLC [Member] | ||||||||||||||
| Description payment terms |
Maintain working capital of not less than $8.0 million. In addition, ICP is required to maintain an annual debt coverage ratio of not less than 1.5 to 1.0 beginning for the year ending December 31, 2018. |
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| Credit Agreement [Member] | Term Loan [Member] | Illinois Corn Processing, LLC [Member] | ||||||||||||||
| Debt face amount | $ 24,000 | |||||||||||||
| Description of interest rate |
Accrues at a rate equal to 3.75% plus the one-month LIBOR index rate. |
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| Principal payments | $ 1,500 | |||||||||||||
| Frequency of periodic payments |
Quarterly |
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| Description payment terms |
Principal payments in sixteen equal consecutive quarterly installments of $1,500,000 each until September 20, 2021 |
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| Note Purchase Agreement [Member] | Notes Payable [Member] | Five Accredited Investors [Member] | ||||||||||||||
| Debt face amount | $ 50,000 | |||||||||||||
| Description of borrowing terms |
Private offering for aggregate gross proceeds of 97% of the principal amount of the Notes sold. |
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| Note Purchase Agreement [Member] | Total Notes Payable [Member] | Five Accredited Investors [Member] | ||||||||||||||
| Debt maturity date | Dec. 15, 2019 | |||||||||||||
| Description of interest rate |
(i) the greater of 1% and the three-month LIBOR, plus 7.0% from the closing through December 14, 2017, (ii) the greater of 1% and LIBOR, plus 9% between December 15, 2017 and December 14, 2018, and (iii) the greater of 1% and LIBOR plus 11% between December 15, 2018 and the Maturity Date. |
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| Debt default interest rate | 2.00% | |||||||||||||
| Description of debt collateral |
Secured by a first-priority security interest in the equity interest held by Pacific Ethanol in its wholly-owned subsidiary, PE Op. Co., which indirectly owns the Company’s plants located on the West Coast. |
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| Second Note Purchase Agreement [Member] | Notes Payable [Member] | Five Accredited Investors [Member] | ||||||||||||||
| Debt face amount | $ 13,900 | |||||||||||||
| Description of borrowing terms |
Private offering for aggregate gross proceeds of 97% of the principal amount of the notes sold. |
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| Revolving Credit Facility [Member] | Illinois Corn Processing, LLC [Member] | ||||||||||||||
| Line of credit | 18,000 | 0 | ||||||||||||
| Revolving Credit Facility [Member] | Credit Agreement [Member] | Illinois Corn Processing, LLC [Member] | ||||||||||||||
| Maximum borrowing capacity | $ 18,000 | |||||||||||||
| Unused facility fees | 0.75% | |||||||||||||
| Kinergy Marketing LLC [Member] | Line of Credit [Member] | ||||||||||||||
| Maximum borrowing capacity | $ 100,000 | |||||||||||||
| Line of credit maturity date | Aug. 02, 2022 | |||||||||||||
| Description of interest rate |
Interest accrues under the line of credit at a rate equal to (i) the three-month London Interbank Offered Rate (“LIBOR”), plus (ii) a specified applicable margin ranging between 1.50% and 2.00%. |
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| Interest rate at end of period | 3.44% | |||||||||||||
| Interest margin rate | 1.75% | |||||||||||||
| Description of payment made to company |
Payments that may be made by Kinergy to the Company as reimbursement for management and other services provided by the Company to Kinergy are limited under the terms of the credit facility to $1,500,000 per fiscal quarter. |
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| Description of collateral |
The credit facility is based on Kinergy’s eligible accounts receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain other sublimits, including inventory loan limits. |
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| Unused borrowing capacity | $ 27,399 | |||||||||||||
| Line of credit | $ 49,477 | 49,862 | ||||||||||||
| Kinergy Marketing LLC [Member] | Line of Credit [Member] | Maximum [Member] | ||||||||||||||
| Unused facility fees | 0.38% | |||||||||||||
| Kinergy Marketing LLC [Member] | Line of Credit [Member] | Minimum [Member] | ||||||||||||||
| Unused facility fees | 0.25% | |||||||||||||
| Pacific Ag. Products, LLC [Member] | Line of Credit [Member] | ||||||||||||||
| Description of payment made to company |
Payments that may be made by PAP to the Company as reimbursement for management and other services provided by the Company to PAP are limited under the terms of the credit facility to $500,000 per fiscal quarter. |
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| Description of collateral |
The credit facility also includes the accounts receivable of PAP as additional collateral |
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| Pacific Ethanol Pekin, Inc [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member] | ||||||||||||||
| Description of interest rate |
Annual rate equal to the 30-day LIBOR plus 3.75%, payable monthly |
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| Description of debt covenant |
Under the terms of the Pekin Credit Agreement, Pekin is required to maintain not less than $20.0 million in working capital and an annual debt coverage ratio of not less than 1.25 to 1.0. |
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| Pacific Ethanol Pekin, Inc [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member] | Term Loan [Member] | ||||||||||||||
| Debt face amount | $ 64,000 | |||||||||||||
| Debt maturity date | Aug. 20, 2021 | |||||||||||||
| Pacific Ethanol Pekin, Inc [Member] | Amendment Credit Agreement [Member] | 1st Farm Credit Services [Member] | ||||||||||||||
| Description of interest rate |
Increase the interest rate under the facilities by 25 basis points to an annual rate equal to the 30-day LIBOR plus 4.00%. |
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| Principal payments | $ 3,500 | |||||||||||||
| Description of debt covenant |
Maintain working capital of not less than $17.5 million from August 31, 2017 through December 31, 2017 and working capital of not less than $20.0 million from January 1, 2018 and continuing at all times thereafter. In addition, the required Debt Service Coverage Ratio was reduced to 0.15 to 1.00 for the fiscal year ending December 31, 2017. |
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| Description of debt covenant subsequent |
Working capital covenant requirement to be at least $13.0 million for the month ended February, 28, 2018. |
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| Pacific Ethanol Pekin, Inc [Member] | Revolving Credit Facility [Member] | ||||||||||||||
| Line of credit | $ 32,000 | |||||||||||||
| Pacific Ethanol Pekin, Inc [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member] | ||||||||||||||
| Maximum borrowing capacity | $ 32,000 | |||||||||||||
| Line of credit maturity date | Feb. 01, 2022 | |||||||||||||
| Unused facility fees | 0.75% | |||||||||||||
| Description of collateral |
Secured by a first-priority security interest in all of Pekin’s assets under the terms of a Security Agreement |
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| Principal payments | $ 3,500 | |||||||||||||
| Frequency of periodic payments | Quarterly |
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| Description payment terms | Principal payment of $4.5 million at maturity on August 20, 2021 |
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| Pacific Aurora [Member] | Line of Credit [Member] | ||||||||||||||
| Line of credit | $ 0 | $ 1,000 | ||||||||||||
| Pacific Aurora [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | CoBank [Member] | ||||||||||||||
| Maximum borrowing capacity | $ 30,000 | |||||||||||||
| Line of credit maturity date | Feb. 01, 2022 | |||||||||||||
| Description of interest rate |
Annual rate equal to the 30-day LIBOR plus 4.0%, payable monthly. |
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| Unused facility fees | 0.75% | |||||||||||||
| Description of collateral |
Secured by a first-priority security interest in all of Pacific Aurora’s assets under the terms of a Security Agreement |
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| Description of debt covenant |
Maintain working capital of not less than $18.0 million from September 30, 2017 through February 28, 2018 and working capital of not less than $20.0 million from March 1, 2018 and continuing at all times thereafter. In addition, the required Debt Service Coverage Ratio was reduced to 0.00 to 1.00 for the fiscal year ending December 31, 2017 and 1.50 to 1.00 for the fiscal year ending December 31, 2018 |
Maintain not less than $22.5 million in working capital through June 30, 2017, not less than $24.0 million in working capital after June 30, 2017, and an annual debt coverage ratio of not less than 1.50 to 1.00. |
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| Description of borrowing terms | Borrowing availability under the Pacific Aurora Credit Facility automatically declines by $2.5 million on the first day of each June and December beginning on June 1, 2017 through and including December 1, 2020. | |||||||||||||