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Abengoa Bioenergy US Holding Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, Abengoa Bioenergy US Holding and five affiliated Debtors filed for Chapter 11 protection. Prior to Abengoa Bioenergy US Holding’s voluntary Chapter 11 filing, involuntary Chapter 7 petitions were filed against affiliated Debtors in the District of Nebraska and District of Kansas.

On January 25, 2016, parent Abengoa SA announced, “Today Alvarez & Marsal presented to the Board of Directors of Abengoa…the Viability Plan that defines the future structure of Abengoa’s activity…..From an operational perspective, the company will develop its business focusing on engineering and construction with or without proprietary technology. From the Viability Plan it can be deduced that the company will have income levels in the coming years on the order of two thirds of the results for 2014. The plan considers the sale of non-fundamental assets, including all first generation biofuel plants.”

The Company, which operates renewable energy ethanol plants, is represented by Richard W. Engel, Jr. of Armstrong Teesdale. Abengoa Bioenergy US Holding is a wholly-owned subsidiary of Abengoa US LLC, the U.S.-based unit of Seville, Spain-based Abengoa SA.

 

Read more Abengoa bankruptcy news.