Gates Deal Slow to Close

Cindy Zimmerman

Pacific Ethanol Pacific Ethanol is running behind with its annual report and its deal to sell stock to Bill Gates. According to a Reuters stock market report Friday, the company said its annual report will be late due to delays completing its audit. It expects to file the report by April 17. The company also said it will not close on Friday on the sale of $84 million in preferred stock to Gates’s investment vehicle Cascade Investment LLC, as had been planned. That deal was announced last December. The Cascade deal is supposed to close about the same time the annual report is due out.