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A blog about the economy and the Sacramento-area real estate market.

May 12, 2009
Still running on empty

   The bad news keeps piling up for Sacramento's Pacific Ethanol Inc.

    Today it announced a whopping 46 percent decline in first quarter revenue and issued a fresh warning of a bankruptcy filing.

    You might recall that in late March, Pacific Ethanol said it was on the verge of running out of cash. The company is still operating, somehow, but it said in an SEC filing today that it'll head to bankruptcy court unless it can quickly overhaul its debts or find new capital.

     It's so busy bailing water, it couldn't file its first quarter results on time. But it did reveal preliminary numbers, and they weren't pretty: more losses, and that big drop in revenue. The company's sales are way down - it has essentially shut off most of its plants - and prices are down, too.

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