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

Watts Up With That?


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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