Tag: Abengoa

Abengoa seeking more than $1 billion from creditors and bondholders to keep afloat

Abengoa seeking more than $1 billion from creditors and bondholders to keep afloat

February 10, 2016 |

In Spain, between Feb. 20 and 25 Abengoa will seek a $843 million loan from creditors in addition to EUR160 million from bondholders to keep afloat while it sorts out a financing plan with lenders. To bring down the company’s whopping debt to EUR3 million from the current EUR9 million, creditors must be willing to […]

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Abengoa to sell off bioenergy arm for a billion bucks

Abengoa to sell off bioenergy arm for a billion bucks

January 21, 2016 |

In Spain, as part of its complete restructuring to avoid bankruptcy, Abengoa has decided to sell off Abengoa Bioenergy—possibly in three parts: Europe, Brazil and the US—for a total of roughly $1.08 billion dollars. The company has already received possible offers from investment funds, as well as from a local Brazilian investor for the Brazilian […]

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Abengoa shutdown would release 2 million tons of grain onto EU market

Abengoa shutdown would release 2 million tons of grain onto EU market

December 9, 2015 |

In the Netherlands, Abengoa’s financial woes may weigh on grain prices if plants in Europe begin slowing down or farmers refuse to sell wheat and corn to the company for fear of non-payment, potentially adding up to 2 million extra tons to the European grain market that is already suffering from five-year lows. The EU […]

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CHS sues Abengoa for $5 million against unpaid delivered corn

CHS sues Abengoa for $5 million against unpaid delivered corn

December 7, 2015 |

In Nebraska, CHS has filed a suit against Abengoa in US District Court for $5 million owed to it in unpaid corn delivered to facilities in Nebraska and Kansas as far back as July. Of the roughly 5 million bushels sold to Abengoa between July and August 2015, about 1.9 million bushels have yet to […]

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European Commission opens ethanol price fixing investigation against Abengoa, Alcogroup and Lantmännen

European Commission opens ethanol price fixing investigation against Abengoa, Alcogroup and Lantmännen

December 7, 2015 |

In Belgium, the European Commission has opened an investigation into potential ethanol price fixing among Abengoa, Alcogroup and Lantmännen following information gathered from raids during the past two and a half years. The Commission has concerns that these companies may have colluded to manipulate ethanol benchmarks published by the price reporting agency Platts, for example […]

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Abengoa shuts down Hugoton, Colwich, St Louis HQ

Abengoa shuts down Hugoton, Colwich, St Louis HQ

December 3, 2015 |

In Kansas, Abengoa has decided to suspend production at its new cellulosic ethanol plant in Hugoton as well as its corn-based ethanol plant in Colwich as part of the recent financial troubles the company is suffering from that may eventually lead to bankruptcy. The company also plans to shut down its Abengoa Bioenergy headquarters in […]

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Abengoa says all OK at ethanol plants but European market doesn’t buy it

Abengoa says all OK at ethanol plants but European market doesn’t buy it

November 30, 2015 |

In Spain, despite Abengoa’s assurances that its ethanol plants are operating as normal, the market is concerned about the company’s ability to meet spot demand in addition to term contracts. This concern has helped to pushed up European ethanol prices beyond current two-year highs that have been sparked by a tight physicals market. Imports are […]

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European ethanol market may open up to the US in wake of Abengoa fallout

European ethanol market may open up to the US in wake of Abengoa fallout

November 27, 2015 |

In the Netherlands, Abengoa’s potential bankruptcy has the European market looking to potential imports to help fill the supply gap withdrawal of the major producer would leave, with the US seen as the main arbitrage opportunity. Brazil’s export capacity is limited at the moment because its crush is ending and is entering the inter-harvest period […]

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Abengoa seeks insolvency protection, takes a voyage to the bottom of the bond markets

Abengoa seeks insolvency protection, takes a voyage to the bottom of the bond markets

November 25, 2015 |

In New York, NASDAQ shares in Abengoa SA plunged 49% in Wednesday trading after the embattled renewable energy developer said it would seek bankruptcy protection as it seeks to reorganize nearly $9.4 billion in debt. The protective filing was announced after an expected infusion of nearly $300 million from Spanish steelmaker Gonvarri did not materialize. […]

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Abengoa begins pre-insolvency procedures

Abengoa begins pre-insolvency procedures

November 25, 2015 |

In Spain, Abengoa has begun a pre-insolvency proceeding in an attempt to restructure its $21.4 billion of debt during the next four month before having to enter bankruptcy proceedings. Shares of the company dove 54% after a major investor refused to recapitalize the business, wiping about a half billion dollars from its value in a […]

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