In what amounts to a temporary retrieve from US and European-based lenders exercising their contractual rights, Pacific Ethanol said it won separate forbearance agreements with Wachovia Capital Finance and a group of creditors led by Germany’s WestLB that will last through 27 February.
“These agreements provide that the company's lenders will refrain from exercising their rights and remedies through (27 February, 2009,) in respect of certain loan covenant defaults,” the company says in a statement.
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