- Reuters•3 months ago
WILMINGTON, Del./CHICAGO, Dec 6 (Reuters) - A leading U.S. subsidiary of Abengoa SA heads to court on Tuesday to seek approval for a bankruptcy exit plan that opponents argue violates the law by prioritizing the Spanish parent and its international backers ahead of U.S. creditors. Abeinsa Holding Inc is one of dozens of global Abengoa subsidiaries that filed for U.S. Chapter 11 and 15 bankruptcy this year while their Seville-based renewable energy parent thrashed out a debt restructuring deal in Spain to avoid its own bankruptcy. The U.S. subsidiaries, which range from small ethanol plants to construction and engineering firms like Abeinsa, were guarantors of $10 billion of debt held by the parent, creating one of the most complex cross-border restructurings of the past decade.
- Reuters•3 months ago
Spanish renewable energy and engineering firm Abengoa SA has asked a U.S. bankruptcy court to enjoin legal action and future claims by creditors who are unsatisfied with a high-stakes plan to restructure $10 billion of debt. Abengoa, a Sevilla-based company with a global renewable energy footprint, put its U.S. subsidiaries in Chapter 11 protection this year and filed for Chapter 15 protection from creditors of non-U.S. businesses while it thrashed out a refinancing deal to avoid becoming Spain's largest-ever corporate failure. Last month the vast majority of Abengoa's international creditors signed on to its so-called master restructuring agreement, which will give creditors equity in exchange for debt.
- Reuters•4 months ago
Creditors of a bankrupt U.S. subsidiary of Abengoa SA demanded more details on the unit's financial accounts on Thursday, even as a bankruptcy judge said the company could move forward with its plan to exit Chapter 11 protection. Abeinsa Holding Inc is one of several U.S. subsidiaries of the Spanish company Abengoa that filed for Chapter 11 this year while the Seville-based renewable energy and engineering group negotiated a high-stakes plan to avoid its own bankruptcy. The U.S. bankruptcies have been clouded by creditor complaints that the parent drained its foreign businesses of cash and assets, prompting demands for disclosure of financial documents and records of intercompany transactions.
ABGB : Summary for Abengoa, S.A. - American Deposi - Yahoo Finance
Abengoa, S.A. - American Deposi (ABGB)
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