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Pacific gets loan relief

This article was originally published in The Public Ledger

PACIFIC Ethanol has made a forbearance agreement with Wachovia Capital Finance and a group led by German bankWestLB, averting a potential technical default on $290m worth of loans.The struggling US ethanol producer was not in danger of failing to repay the loans, but was having problems meeting the minimum cashflow standards required in its loan covenants.

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