CHICAGO Nov 21 Spanish renewable energy and
engineering firm Abengoa SA has asked a U.S. bankruptcy
court to enjoin legal action and future claims by creditors who
are unsatisfied with a high-stakes plan to restructure $10
billion of debt.
Abengoa, a Sevilla-based company with a global renewable
energy footprint, put its U.S. subsidiaries in Chapter 11
protection this year and filed for Chapter 15 protection from
creditors of non-U.S. businesses while it thrashed out a
refinancing deal to avoid becoming Spain's largest-ever
Last month the vast majority of Abengoa's international
creditors signed on to its so-called master restructuring
agreement, which will give creditors equity in exchange for
debt. The deal was approved by a Spanish court on Nov. 8.
In a court filing, Abengoa asked U.S. Bankruptcy Judge Kevin
Carey to validate the refinancing deal in the United States and
to permanently prohibit U.S. creditors from filing any lawsuits
against the agreement.
"Such relief will ensure that the carefully negotiated
master restructuring agreement is successfully implemented
without any undue interference in the United States," Abengoa
said in a filing with the U.S. Bankruptcy Court in Delaware.
Abengoa also asked the U.S. court to exempt it from having
to register shares that will be issued under its restructuring
deal with the U.S. Securities and Exchange Commission.
Carey is overseeing Abengoa's Chapter 15 case as well as the
bankruptcy of its main U.S. unit, Abeinsa Holding Inc.
Last week, Carey denied a request for an independent fraud
investigation of Abengoa by some of Abeinsa's creditors, who
have said in court filings that the parent drained its foreign
businesses of cash and assets, leaving them bankrupt.
One Abeinsa creditor, Nationwide Mutual Insurance Co, which
helped finance the construction of Abengoa's Mojave solar plant,
was seeking an investigation into the company's 2014 transfer of
the solar plant to its prized Atlantica Yield
Abengoa borrowed heavily to finance an aggressive
international expansion into renewable energy. Last week it
posted a nine-month net loss of 5.4 billion euros ($5.74
($1 = 0.9402 euro)
(Reporting by Tracy Rucinski, editing by G Crosse)