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Abengoa Bankruptcy Settlement Approval Sought

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Abengoa Bioenergy US Holdings filed with the U.S. Bankruptcy Court a motion for entry of an order approving a compromise and settlement among the Debtors, the official committee of unsecured creditors and Cofides.

The motion explains, “After weeks of intense negotiations, the Debtors, the Committee, and Cofides have reached a settlement (the ‘Settlement’) with respect to Cofides’ objection to confirmation of the Plan and the Committee’s Adversary Proceeding (collectively, the ‘Cofides Litigation’),the material terms of which are: The Cofides Litigation shall be immediately stayed, and all deadlines in connection with the Cofides Litigation (including the deadline for Cofides to object to the Plan), shall be indefinitely adjourned, pending approval of the Settlement by this Court and confirmation of the Plan, and approval by the U.S. Bankruptcy Court for the District of Delaware of a stipulation embodying the terms of the Settlement (the ‘Delaware Stipulation’); Cofides’s general unsecured claims in these Chapter 11 Cases shall be allowed by the Confirmation Order in the amount of $53 million against Debtors ABOP and ABUS.”

In addition, “Cofides shall only be entitled to a recovery on account of one $53 million claim against the Bioenergy Debtors in these Chapter 11 Cases; Cofides’s general unsecured claims in the Delaware Chapter 11 Cases against Abengoa US, LLC and Abengoa Bioenergy Holdco, Inc. shall be allowed in the amount of $50 million pursuant to the Delaware Stipulation;” The Court scheduled a June 6, 2017 hearing on the motion.

Read more Abengoa bankruptcy news.

The post Abengoa Bankruptcy Settlement Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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