November 30, 2009 (FinancialWire) — Pacific Ethanol, Inc. (NASDAQ: PEIX) is preparing to resume production of ethanol at its 60 million gallon per year Magic Valley facility located in Burley, Idaho.

In February 2009, the company suspended production at the Magic Valley facility due to extended unfavorable market conditions. In May 2009, the company’s subsidiaries which own its four ethanol production facilities, including the Magic Valley plant, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware in an effort to restructure their indebtedness.

Market conditions for producing ethanol have improved and the company plans to restart the Magic Valley facility in January 2010, subject to approval by the bankruptcy court, final documentation and a number of other conditions, including rehiring and training staff and restocking corn and other raw materials. The bankruptcy court is expected to consider the planned restart at a hearing on December 14, 2009, at which the lenders providing debtor-in-possession financing for the Magic Valley facility are expected to support the initiative.

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