US Bankruptcy Court decides Spain takes precedence over Abengoa case

In Delaware, a judge in the U.S. Bankruptcy Court in Wilmington ruled Abengoa’s bankruptcy proceedings in Spain are the main proceedings and must take the lead in how creditors in the US are treated. The judge granted protection under Chapter 15, a bankruptcy code created in 2005 that allows foreign bankruptcy proceedings to take precedence. The ruling means that US creditors will have to wait until Oct. 28, 2016 when the company is expected to have reorganized its debts.

Abengoa: The Digest’s 2015-5 Minute Guide