Abengoa Bioenergy US Holding LLC, a unit of Spanish conglomerate Abengoa SA (ABG.MC), received interim financing to pay wages and keep the lights on while it tries to reorganize under Chapter 11, according to a court ruling on Wednesday.
Abengoa Bioenergy filed for bankruptcy protection last week. Lawyers on Wednesday said it is a guarantor on more than $6 billion in liabilities linked to its Spanish parent’s debt structure, which tops $20 billion. Abengoa, a global engineering and clean energy company, is in the midst of a debt restructuring.
U.S. Bankruptcy Judge Kathy Surratt-States approved the debtor-in-possession or DIP loan on an interim basis over objections from grain suppliers who are owed money by Abengoa Bioenergy and s…
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