Shares in the suffering utility Pacific Ethanol shot up over 8 percent on Tuesday, reaping the rewards of cheaper ethanol prices, thanks largely to what is expected to be a bumper crop year for U.S. corn. Units of Pacific Ethanol that owned four ethanol plants filed for Chapter 11 protection last month, stung by volatile prices for corn, low fuel demand and the credit crisis.
A senior company official at India’s Suzlon Energy said the wind power company was looking at selling assets and shares to lower its debt, dealing a major blow to its shares, falling 11.44 percent in Tuesday trading.
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