After almost two years, the end is finally in sight for the
complex restructuring of Spanish energy and construction giant
The restructuring is widely expected to provide a template
for future cross-border corporate failures. It has seen claims
against the company brought in its home jurisdiction of Spain
but also internationally from creditors in Latin America, the
UK and multiple US states.
One of the key difficulties of the case was that US entities
had to be restructured in the US, according to Ron Silverman,
Hogan Lovells in New York, who represented the official
committee of unsecured creditors in the Delaware chapter 11
A Delaware bankruptcy judge approved the chapter 11 plan for
US subsidiaries in early December. However, the outcome of the
restructuring for US creditors relied on the success of
Abengoa’s November 2016 Spanish master
restructuring plan, handed down by a commercial court...