Abengoa Bioenergy Files for Chapter 11 for Parent and 5 Subsidiaries
by Jim Lane (Biofuels Digest) In Missouri, 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 US starch ethanol plants; as well as various support/service companies for Abengoa’s US bioenergy operations.
This action follows the filing of two separate involuntary bankruptcy proceedings in Nebraska and Kansas earlier this month concerning the company’s starch ethanol facilities located in Ravenna and York, NE; in Colwich, KS; and in Portales, NM, and motions have been filed in the Nebraska and Kansas courts to transfer those involuntary filings to St. Louis for consolidated administration.
The filings do not include the company’s starch ethanol plants in Mt. Vernon, IN and Madison, IL, nor do they include the new cellulosic ethanol facility in Hugoton, or certain other subsidiary companies of Abengoa Bioenergy, which continue to operate in the ordinary course. Antonio Vallespir, President and Chief Executive Officer of Abengoa Bioenergy, said.
Abengoa S.A. is currently in the process of negotiating a viability plan for the global organization of the company and aims to maintain business activity in all areas. Under Spanish law, Abengoa is in the process of restructuring its debt through a process that protects the company from claims from creditors. READ MORE