Panda Ethanol restructures loan agreements
Alternative energy producer Panda Ethanol has restructured the financing of its Hereford ethanol plant, clearing the way for $31.5 million (23 million Euro's) in additional funds to continue construction on the plant, located in the Texas Panhandle.
Under the restructuring, senior lenders waived all existing defaults under the original financing agreements.
The 115 gallon per year ethanol refinery, when finished, will be the largest biomass-fuelled ethanol plant in the US, according to Panda Ethanol.
In addition, Dallas-based Panda Ethanol says it has the opportunity to access $2.5 million in funding received through the Hereford refinery's subordinated lender. Panda Ethanol also will be able to tap into $2.5 million in working capital tied to a new equity investment from the company's founder, Panda Energy International.
The compay also retired a loan of $1.6 million from Panda Energy by transferring the debt into common stock at the price of $0.25 per share.
Panda Ethanol's leadership says the financial restructuring and arrangements suggest there's a vote of confidence in what Panda Ethanol intends to do at its Hereford facility. The plant is scheduled for completion by 30 January, 2009.
Under the restructuring, senior lenders waived all existing defaults under the original financing agreements.
The 115 gallon per year ethanol refinery, when finished, will be the largest biomass-fuelled ethanol plant in the US, according to Panda Ethanol.
In addition, Dallas-based Panda Ethanol says it has the opportunity to access $2.5 million in funding received through the Hereford refinery's subordinated lender. Panda Ethanol also will be able to tap into $2.5 million in working capital tied to a new equity investment from the company's founder, Panda Energy International.
The compay also retired a loan of $1.6 million from Panda Energy by transferring the debt into common stock at the price of $0.25 per share.
Panda Ethanol's leadership says the financial restructuring and arrangements suggest there's a vote of confidence in what Panda Ethanol intends to do at its Hereford facility. The plant is scheduled for completion by 30 January, 2009.
Loading ...
