Tag: Abengoa

US Bankruptcy Court decides Spain takes precedence over Abengoa case

US Bankruptcy Court decides Spain takes precedence over Abengoa case

April 28, 2016 |

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. […]

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Bankruptcy court approves $41 million in bankruptcy funding for Abengoa Bioenergy

Bankruptcy court approves $41 million in bankruptcy funding for Abengoa Bioenergy

April 12, 2016 |

In Missouri, the US Bankruptcy Court for the Eastern District of Missouri has approved the use of $41 million in bankruptcy funding for Abengoa Bioenergy to restart ethanol production at its Ravenna and York facilities as well as payroll obligations and other costs to keep the company operating. With the two plants operating, the company […]

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Abengoa’s Nebraska corn creditors pushing hard to get paid

Abengoa’s Nebraska corn creditors pushing hard to get paid

March 29, 2016 |

In Nebraska, the corn suppliers that are still owed $4 million for delivered corn to Abengoa Bioenergy have said in court filings that they should be paid from the $41 million bankruptcy bailout loan before work starts to get the Ravenna ethanol plant back online. They are worried that revenues into the plant once it […]

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Some creditors agree to $2 billion Abengoa bailout but deal not sealed yet

Some creditors agree to $2 billion Abengoa bailout but deal not sealed yet

March 10, 2016 |

In Spain, 40% of Abengoa’s creditors have agreed to invest $2 billion over the next five years in exchange for the right to 55% of the restructured company, helping it to avoid bankruptcy and complete meltdown, but another 35% must agree as well as existing shareholders whose participation would shrink to 5% before a March […]

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“Lack of collateral” damage: Abengoa’s descent into fiscal hell, and its hopes for redemption

“Lack of collateral” damage: Abengoa’s descent into fiscal hell, and its hopes for redemption

March 7, 2016 |

Digest readers will have noted that Abengoa shares jumped 41% on Friday and another 38 percent in Monday morning trading. What’s the good news? Let’s review. The state of play For Abengoa Bioenergy, a break-up and sale. Last week, we reported that potential buyers of Abengoa Bioenergy’s six first generation ethanol facilities have been looking […]

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Chasing viability: The Digest’s 2016 8-Slide Guide to the Abengoa viability plan

Chasing viability: The Digest’s 2016 8-Slide Guide to the Abengoa viability plan

March 7, 2016 |

Last month, Abengoa Bioenergy US Holding, LLC filed for Chapter 11 bankruptcy relief in the US Bankruptcy Court for the Eastern District of Missouri on behalf of itself and 5 of its US bioenergy subsidiaries. The companies involved in the filings include the US holding company; companies that own and operate four of Abengoa Bioenergy’s six […]

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Nordic countries take protective action in case Abengoa shuts down Rotterdam plant

Nordic countries take protective action in case Abengoa shuts down Rotterdam plant

February 25, 2016 |

In the Netherlands, Nordic countries are looking to protect themselves against a possible shut down of Abengoa’s ethanol plant in Rotterdam—the largest in Europe—and have begun taking measures such as importing ethanol from the US and taking term contracts until the end of April. The five of the company’s US subsidiaries filed for bankruptcy protection […]

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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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