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LARGE ETHANOL MANUFACTURER ABENGOA BIOENERGY U.S. FILES FOR BANKRUPTCY
Feb. 25, 2016
Reuters reports:
An affiliate of Spain's troubled Abengoa SA (ABG.MC) filed for U.S. Chapter 11 bankruptcy on Wednesday, saying in court documents it had up to $10 billion in both liabilities and assets.
The filing by Abengoa Bioenergy US Holding LLC was prompted by two involuntary bankruptcy petitions earlier this month by suppliers who alleged they were owed more than $4 million.
The bankruptcy comes a week after Abengoa, the engineering and renewable energy parent company, said it needed 826 million euros ($908 million) of cash to make it through 2016 and another 304 million in 2017.
The Spanish company, which builds and operates solar, thermal and biofuel plants across the world, is facing a March 28 deadline to reach a wide-ranging restructuring plan with its banks and bondholders. If it fails to get a deal, it could become Spain's largest bankruptcy.
Abengoa US Holding's liabilities included a $1.45 billion syndicated loan and about $3.85 billion in bonds and notes, according to documents filed in the U.S. Bankruptcy Court in St. Louis.
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