US Government Fights to Recover $130 Million Lost to Abengoa Renewables Bankruptcy

Watts Up With That?

green_money_windmills

Guest essay by Eric Worrall

The US Government has formally objected to an attempt by Spanish Renewable Giant Abengoa’s bankrupt US arm to walk out on $130 million of federal loans.

U.S. Objects to Abengoa Bankruptcy-Exit Plan

Energy, Justice departments among agencies seeking at least partial repayment of government investments

The U.S. government, which pumped more than $130 million into Spanish renewable-energy company Abengoa SA’s U.S.-based projects, is asking a federal judge to put the brakes on the company’s plan to exit bankruptcy.

Several federal agencies—including the Energy and Justice departments—are objecting to the bankruptcy-exit plan, demanding changes and at least partial repayment on the government’s investments.

A spokesman for Abengoa couldn’t immediately be reached for comment Thursday on the government’s objections.

Judge Kevin Carey is slated to consider the bankruptcy-exit plan for Abenoga’s primary U.S. subsidiary at a hearing on Tuesday at the U.S. Bankruptcy Court in Wilmington, Del.

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