DEBT. (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
May 04, 2020 |
Mar. 20, 2020 |
Jun. 30, 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. | Pacific Ethanol Pekin, LLC ("PE 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 PE Pekin and Illinois Corn Processing, LLC ("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. In July 2020, the Company reached a confidential settlement of an outstanding dispute resulting in a gain and cash proceeds of approximately $11.8 million. The Company used a portion of these funds to make approximately $7.4 million in additional principal payments on PE Pekin's 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 PE 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. The Company used a portion of the proceeds from the settlement noted above, in July 2020, to make approximately $1.8 million in additional principal payments on ICP's term debt. | ||||||
| Net assets | $ 497,129 | $ 612,495 | |||||
| Pacific Ethanol Pekin, Inc [Member] | Line of Credit [Member] | |||||||
| Net assets | $ 204,400 | ||||||
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