UPDATE 1-Pacific Ethanol terminated CFO Hansen

*Pacific Ethanol terminated CFO Joseph Hansen on April 3

*Cites downsizing of finance and accounting department

LOS ANGELES, April 8 (Reuters) - Pacific Ethanol Inc (PEIX.O) on Wednesday said it terminated the employment of Chief Financial Officer Joseph Hansen because the company is downsizing its finance and accounting department.

The largest marketer and producer of ethanol in the U.S. West said Hansen was terminated April 3.

Pacific Ethanol has three of its four plants idled in an industry slump and is in default on $230 million of construction-related term loans and $31.5 million in notes.

It said on March 31 that it had money to last until the end of April without a cash injection or restructuring. (Reporting by Nichola Groom; editing by Carol Bishopric)