Abengoa subsidiary hits Chapter 11 objection
A Chapter 11 bankruptcy plan by Abeinsa Holdings, the main US subsidiary of Abengoa, is facing an objection from the US Trustee, which oversees bankruptcy cases in the US, reports Business Insider.
The US Trustee said that the Chapter 11 plan may not comply with federal laws and regulations, in a filing with the US Bankruptcy Court in Delaware, US.
Spanish firm Abengoa wants to confirm a Chapter 11 plan for Abeinsa as part of a wider corporate debt restructuring programme that was agreed by shareholders in October 2016.
Abeinsa is a US business unit of Abengoa covering engineering and construction in the energy and environment sectors, including desalination and water treatment and reuse projects.