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Filing Details

Accession Number:
0001193125-18-036059
Form Type:
13G Filing
Publication Date:
2018-02-08 15:01:04
Filed By:
Candlewood Investment Group
Company:
Pacific Ethanol Inc. (NASDAQ:PEIX)
Filing Date:
2018-02-08
SEC Url:
13G Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Candlewood Investment Group 0 1,123,638 0 1,123,638 1,123,638 2.6%
Michael Lau 14,350 1,123,638 14,350 1,123,638 1,137,988 2.6%
David Koenig 5,402 1,123,638 5,402 1,123,638 1,129,040 2.6%
Jonathan Weiss 0 1,123,638 0 1,123,638 1,123,638 2.6%
Candlewood Investment Group General 0 1,123,638 0 1,123,638 1,123,638 2.6%
Candlewood Special Situations General 0 918,049 0 918,049 918,049 2.1%
Candlewood Special Situations Master Fund, Ltd 0 0 0 0 0 0%
Filing

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

 

 

Pacific Ethanol, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

69423U305

(CUSIP Number)

December 31, 2017

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

Rule 13d-1(b)

 

Rule 13d-1(c)

 

Rule 13d-1(d)

 

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 69423U305   13G   Page 2 of 11 Pages

 

  1   

NAMES OF REPORTING PERSONS

 

Candlewood Investment Group, LP

  2   

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3   

SEC USE ONLY

 

  4   

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

0

     6     

SHARED VOTING POWER

 

1,123,638

     7     

SOLE DISPOSITIVE POWER

 

0

     8     

SHARED DISPOSITIVE POWER

 

1,123,638

  9   

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,123,638

10   

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11   

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.6%

12   

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IA

 

                    

 

     

 

Page 2 of 11 Pages


CUSIP No. 69423U305   13G   Page 3 of 11 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

Michael Lau

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

3    

SEC USE ONLY

 

4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

14,350

     6     

SHARED VOTING POWER

 

1,123,638

     7     

SOLE DISPOSITIVE POWER

 

14,350

     8     

SHARED DISPOSITIVE POWER

 

1,123,638

9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,137,988

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.6%

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

                

 

     

 

Page 3 of 11 Pages


CUSIP No. 69423U305   13G   Page 4 of 11 Pages

 

  1  

NAMES OF REPORTING PERSONS

 

David Koenig

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

5,402

     6     

SHARED VOTING POWER

 

1,123,638

     7     

SOLE DISPOSITIVE POWER

 

5,402

     8     

SHARED DISPOSITIVE POWER

 

1,123,638

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,129,040

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.6%

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

                

 

     

 

Page 4 of 11 Pages


CUSIP No. 69423U305   13G   Page 5 of 11 Pages

 

  1  

NAMES OF REPORTING PERSONS

 

Jonathan Weiss

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

0

     6     

SHARED VOTING POWER

 

1,123,638

     7     

SOLE DISPOSITIVE POWER

 

0

     8     

SHARED DISPOSITIVE POWER

 

1,123,638

9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,123,638

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.6%

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

                

 

     

 

Page 5 of 11 Pages


CUSIP No. 69423U305   13G   Page 6 of 11 Pages

 

  1  

NAMES OF REPORTING PERSONS

 

Candlewood Investment Group General, LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3  

SEC USE ONLY

 

  4

 

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

0

     

SHARED VOTING POWER

 

1,123,638

     

SOLE DISPOSITIVE POWER

 

0

     

SHARED DISPOSITIVE POWER

 

1,123,638

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,123,638

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.6%

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

                

 

     

 

Page 6 of 11 Pages


CUSIP No. 69423U305  

13G

  Page 7 of 11 Pages

 

  1  

NAMES OF REPORTING PERSONS

 

Candlewood Special Situations General, LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

0

     6     

SHARED VOTING POWER

 

918,049

     7     

SOLE DISPOSITIVE POWER

 

0

     8     

SHARED DISPOSITIVE POWER

 

918,049

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

918,049

10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

2.1%

12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

                

 

     

 

Page 7 of 11 Pages


CUSIP No. 69423U305   13G   Page 8 of 11 Pages

 

  1  

NAMES OF REPORTING PERSONS

 

Candlewood Special Situations Master Fund, Ltd.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☐

 

  3  

SEC USE ONLY

 

  4  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Cayman Islands

NUMBER OF

SHARES

BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

     5     

SOLE VOTING POWER

 

0

   6    

SHARED VOTING POWER

 

0

   7    

SOLE DISPOSITIVE POWER

 

0

   8    

SHARED DISPOSITIVE POWER

 

0

  9  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

0

  10  

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

  11  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

0%

  12  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

                

 

     

 

Page 8 of 11 Pages


CUSIP No. 69423U305

   13G    Page 9 of 11 Pages

 

Item 1(a). Name of Issuer: Pacific Ethanol, Inc. (the Company)

 

Item 1(b). Address of Issuers Principal Executive Offices:

400 Capitol Mall, Suite 2060

Sacramento, CA 95814

 

Item 2(a). Name of Persons Filing:

This Schedule 13G is being filed by:

 

  i. Candlewood Special Situations Master Fund, Ltd. (the Special Situations Fund).

 

  ii. Candlewood Special Situations General, LLC (the Fund GP).

 

  iii. Candlewood Investment Group, LP (the Investment Manager).

 

  iv. Candlewood Investment Group General, LLC (the Manager GP).

 

  v. Mr. Michael Lau, Mr. David Koenig and Mr. Jonathan Weiss (collectively, the Managing Partners) (the Managing Partners, together with the Special Situations Fund, the Fund GP, the Investment Manager and the Manager GP, the Reporting Persons).

 

Item 2(b). Address of Principal Business Office or, if None, Residence:

555 Theodore Fremd Ave., Suite C-303

Rye, NY 10580

 

Item 2(c). Citizenship:

 

      Special Situations Fund:    Cayman Islands
      Fund GP:    Delaware
      Investment Manager:    Delaware
      Manager GP:    Delaware
      Managing Partners:    United States of America

 

Item 2(d). Title of Class of Securities: Common Stock, par value $0.001 (the Common Stock)

 

Item 2(e). CUSIP Number: 69423U305

 

Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

Not applicable.

 

Item 4. Ownership.

 

Page 9 of 11 Pages


CUSIP No. 69423U305

  13G    Page 10 of 11 Pages

The information set forth in rows 5 through 11 of the cover pages to this Schedule 13G is incorporated by reference. The percentage set forth in row 11 is based on 43,970,775 outstanding shares of Common Stock as of November 8, 2017, as reported in the Issuers Form 10-Q filed on November 9, 2017. Two private investment funds advised by the Investment Manager directly hold the shares of Common Stock. The Fund GP serves as general partner to one of these private investment funds. The Manager GP serves as general partner to the Investment Manager. The Managing Partners are managing partners of the Investment Manager.

 

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☒.

 

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

The private investment funds advised by the Investment Manager that directly hold the shares of Common Stock have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock (the Economic Interest) reported as beneficially owned by the Investment Manager, the Fund GP, the Manager GP and the Managing Partners (other than shares of Common Stock for which a Managing Partner has sole voting and dispositive power).

 

Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

Not applicable.

 

Item 8. Identification and Classification of Members of the Group.

Not applicable.

 

Item 9. Notice of Dissolution of Group.

Not applicable.

 

Item 10. Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

Page 10 of 11 Pages


CUSIP No. 69423U305   13G   Page 11 of 11 Pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 8, 2018

 

CANDLEWOOD INVESTMENT GROUP, LP
By:  

/s/ Janet Miller

Name:   Janet Miller
Title:   COO/GC/Authorized Person
CANDLEWOOD INVESTMENT GROUP GENERAL, LLC
By:  

/s/ Michael Lau

Name:   Michael Lau
Title:   Manager
CANDLEWOOD SPECIAL SITUATIONS MASTER FUND, LTD.
By:  

/s/ David Koenig

Name:   David Koenig
Title:   Portfolio Manager
CANDLEWOOD SPECIAL SITUATIONS GENERAL, LLC
By:  

/s/ Michael Lau

Name:   Michael Lau
Title:   Class A Member

/s/ Michael Lau

Michael Lau

/s/ David Koenig

David Koenig

/s/ Jonathan Weiss

Jonathan Weiss

 

Page 11 of 11 Pages