Abengoa Bioenergy is covered by the bankruptcy law in the United States – Yahoo Finance Spain

NEW YORK, 25 (EUROPA PRESS)

Abengoa Bioenergy, a subsidiary of Abengoa, has benefited from the protection of Chapter 11 of the Laws governing bankruptcy in the United States, as part of the debt with its creditors.

the company, which operates an ethanol plant in Madison, filed an application in the bankruptcy court in Missouri, stating that She had assets and liabilities in the amount of 1,000 million dollars (908 million euros) and 10,000 million dollars (9.082 million euros), according to the local environment ‘Belleville News-Democrat’.

in mid-February, the company had already appeared before a local court in Nebraska after competing application by a group of creditors farmers, who claim the company the amount of 4.7 million dollars (4.15 million euros).

the hearing took place before the Board of bankruptcy court, who studied the request of creditors that the company is relying involuntary Chapter 7 of the Bankruptcy Code of the country is.

the bankruptcy petition was filed by the companies Gavilon Grain, cooperative farmers farmers cooperative Association and the Andersons, based in Ohio.

Abengoa, in preconcurso creditors from the last November, is currently negotiating with its creditors a viability plan allowing it to avoid the contest before the deadline of March 28.

last week, the group of engineering and renewable energies presented a plan industrial feasibility estimated that a new new operational Abengoa would have an estimated net worth of about 5,395,000 euros, about seven times more than if the company is finally wound up.

Furthermore, in its viability plan the company needs a cash figure of 826 million euros this year and 304 million euros for 2017. It also believes other needs ‘technical guarantees’ to initiate orders for about 525 million euros.

the ‘road map’ of the company, made with Alvarez & amp; Marsal, is based on complete most projects the existing portfolio, focusing on maximizing the value and reducing the minimum cash requirements; as well as in the engineering and construction for third parties (projects in hand), among other efficiency measures

.