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ARTICLE · 12 JANUARY 2017

Abeinsa Holding Inc. Obtains Ch. 11 Plan Confirmation

Pierson Ferdinand LLP
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The Court agreed with the U.S. Trustee that the liability releases contained in the Chapter 11 plan are broad. However, the Court found that they do not violate the Bankruptcy Code and were necessary...

United StatesLitigation, Mediation & Arbitration
Carl Neff
Carl Neff

In the recent decision of In re: Abeinsa Holding Inc. et al., Del. Bankr. Ct. Dec. 14, 2016), Case No. 1:16-bk-10790, the Honorable Kevin J. Carey confirmed clean energy developer Abeinsa Holding Inc.'s Chapter 11 plan, which is part of the $16.5 billion global restructuring for Spanish parent Abengoa SA. Abengoa, with operations in about 50 nations, is a major figure in clean energy and environmental sustainability engineering.

The plan was confirmed over the objections of the U.S. Trustee's office, which complained among other things of the liability releases contained in the plan.

The Court agreed with the U.S. Trustee that the liability releases contained in the Chapter 11 plan are broad. However, the Court found that they do not violate the Bankruptcy Code and were necessary, negotiated-for components of the exit strategy. Notably, no creditors objected to the releases, which the Court found to be of significance.

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