New York, 16 December 2016 – Hogan Lovells represents the Official Committee of Unsecured Creditors in the Delaware Chapter 11 cases of Abeinsa Holdings Inc., et al., U.S. subsidiaries of Spanish renewable-energy company Abengoa S.A., in a first-of-its-kind, complex worldwide restructuring. That restructuring involves proceedings in Spain, and in U.S. bankruptcy courts in Delaware, Missouri and Kansas. Yesterday the Delaware Bankruptcy Court issued an order confirming plans of reorganization for the Delaware companies, some of which will reorganize and some of which will liquidate.

Earlier this year, Abengoa S.A., the Spanish parent, reached a debt restructuring deal with its creditors that has been tentatively approved by a court in Seville, Spain via a Spanish homologacion proceeding.

Under the U.S. plan of reorganization, Abengoa S.A. will contribute more than US$30 million in cash and additional contingent value in exchange for retaining equity interests in the reorganizing Delaware Debtors. The remainder of the Delaware debtors will liquidate, as they are not part of Abengoa S.A.'s going forward business plan, but also received additional cash contributions from Abengoa S.A.

After negotiating significant enhancements and improvements to the bankruptcy plans of the Delaware debtors, the Creditors Committee, advised by Hogan Lovells, as lead counsel, supported the plan before the Bankruptcy Court. The Creditor Committee improvements to the plan, and the active support of the Committee, were central to the Court’s approval of the Plans of Reorganization, as was made clear in the written decision in connection with plan confirmation issued by Judge Kevin Carey of the Bankruptcy Court.

New York Restructuring partners Christopher Donoho and Ron Silverman led the Hogan Lovells team, which also included litigation partner David Dunn, counsel Christopher Bryant, and associates Raphaella Ricciardi, Shane Johnson, Vivian Ban, and Bernardino Muniz of the Madrid office.

"This is the first time a cross-border Spanish homologacion involving a complex interplay of Spanish and United States insolvency proceedings has been approved," said Christopher Donoho. Ron Silverman noted that the approval of the Plan was the culmination of efforts by the various stakeholders in the U.S. and Spain to produce a superior result for all. Donoho elaborated that "the Courts in the United States are likely to be presented with more such complex, multinational agreements in the future, especially as energy companies face financial and rapidly evolving worldwide financial conditions put increased pressure on those companies.".