Abengoa Bioenergia’s Brazilian arm files for bankruptcy protection

In Brazil, Abengoa Bioenergia’s local arm has sought bankruptcy protection as the company continues its winding down exercises in various asset classes as part of its wider global restructuring to avoid bankruptcy. As of December, the company owed $265 million in bank debt. The company owns two sugarcane-based ethanol mills, crushing a total of 7 million metric tons annually. Pakistani investors pulled out of a due diligence process in May after finding the mills’ situation too risky, leaving the likelihood that it will be difficult to restructure debt.

Abengoa Bioenergy: The Digest’s 2015 5 Minute Guide