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Abengoa Bioenergy US Holdings Bankruptcy Plan Filed

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Abengoa Bioenergy US Holdings filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Liquidation and related Disclosure Statement.

According to the Plan, “By the Effective Date, the Debtors, on their own behalf and on behalf of the GUC Liquidating Trust Beneficiaries, shall execute the GUC Liquidating Trust Agreement, in a form reasonably acceptable to the Creditors’ Committee, and all other necessary steps shall be taken to establish the GUC Liquidating Trust. The GUC Liquidating Trust shall be established for the sole purpose of adjudicating General Unsecured Claims in both the ABI/ABIL Liquidating Plan and the Bioenergy Liquidating Plan, and distributing the GUC Liquidating Trust’s assets for the benefit of the beneficiaries of the GUC Liquidating Trust with no objective to continue or engage in the conduct of a trade or business….After the Effective Date, separate Disputed Claims Reserves shall be created for each of the following: (i) Disputed General Unsecured Claims against the ABI/ABIL Debtors, (ii) Disputed General Unsecured Claims against the Bioenergy Debtors, and (iii) Disputed MRA Guarantee Claims against the Bioenergy Debtors.”

In addition, “Each Disputed Claims Reserve shall be managed by the GUC Liquidating Trustee. On each Distribution date after the Effective Date on which the GUC Liquidating Trustee makes Distributions to Holders of Claims, that GUC Liquidating Trustee shall retain on account of Disputed Claims an amount the GUC Liquidating Trustee estimates is necessary to fund the Pro Rata share of such Distributions to Holders of Disputed Claims if such Claims were Allowed, with any Disputed Claims that are unliquidated or contingent, including but not limited to the Officer Indemnification Claims, being reserved in an amount reasonably determined by the GUC Liquidating Trustee or by order of the Bankruptcy Court.”

The Court scheduled a February 22, 2017 hearing to consider the Disclosure Statement.

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The post Abengoa Bioenergy US Holdings Bankruptcy Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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