Abengoa Bioenergy US Holdings filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 19, 2017 and March 20, 2017, respectively.
As previously reported, “Since the commencement of these chapter 11 cases, the Debtors and their professionals have undertaken substantial efforts to accomplish three major tasks: (i) assuring smooth transition to operating as debtors in possession in chapter 11 cases; (ii) restarting two ethanol production facilities that had been shuttered in late 2015 due to the lack of funding; and (iii) consummating a sale process for substantially all of the Debtors’ assets.”
Court-filed documents continue, “To that end, the Debtors worked diligently with their advisors to obtain DIP financing, and to develop a budget that would enable to the Debtors to accomplish their near-term operational goals, instill confidence in their suppliers, customers, and employees, and facilitate the marketing process in order to maximize the value of the Debtors’ assets…. An extension of the Exclusivity Periods will allow the Debtors to develop and take all the necessary steps to implement the strategy that will result in the best outcome for all stakeholders of the Debtors.”
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