DEBT (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
May 04, 2020 |
Mar. 20, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
[1] | |||
| Pekin Credit Facilities, description | Pacific Ethanol, Inc. and PE Pekin received loan proceeds from Bank of America, NA under the recently enacted Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), through the Paycheck Protection Program administered by the U.S. Small Business Administration. Pacific Ethanol, Inc. received $6.0 million and PE Pekin received $3.9 million in loan proceeds. The loans mature in two years and bear interest at a rate of 1.00% per annum. | Pekin and its lender agreed to defer $1.0 million in aggregate interest payments due March 20, 2020 and April 20, 2020 until May 20, 2020. On that same date, the Company granted to the lender a security interest in all of the Company's equity interests in PE Op Co., which indirectly owns the Company's plants located on the West Coast. The Company and certain subsidiaries also entered into intercreditor agreements with the Pekin and ICP lenders, and the agent for the Company's senior secured noteholders, to address issues of priority and the allocation of proceeds from asset sales. On April 15, 2020, as part of the Company's close of its sale of its interests in Pacific Aurora, the Company paid approximately $11.6 million in principal payments on the Pekin term debt. | |||||
| ICP Credit Facilities, description | ICP and its lender agreed to defer a $1.5 million principal payment due March 20, 2020 and $0.3 million in aggregate interest payments due March 20, 2020 and April 20, 2020 until May 20, 2020. On that same date, the Company granted to the lender a security interest in all of the Company's equity interests in PE Op Co. The Company and certain of its subsidiaries also entered into intercreditor agreements with the Pekin and ICP lenders, and the agent for the Company's senior secured noteholders, to address issues of priority and the allocation of proceeds from asset sales. On April 15, 2020, as part of the Company's close of its sale of its interests in Pacific Aurora, the Company paid approximately $2.9 million in principal payments on the ICP term debt. | ||||||
| Net assets | $ 571,109 | $ 612,495 | |||||
| Pacific Ethanol Pekin, Inc [Member] | Line of Credit [Member] | |||||||
| Net assets | $ 174,900 | ||||||
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