Abengoa Bioenergy gets ok for $1.5 million of funding for payroll and expenses

In Missouri, the United States Bankruptcy Court, Eastern District of Missouri in St. Louis has approved $1.5 million in bankruptcy funding for Abengoa Bioenergy’s payroll and other expenses this week. The funds are part of a $8 million financing package approved by the court on March 2 that draws from the $41 million in emergency financing secured from a unit of Sandton Capital Partners. Abengoa has also applied for Chapter 15 in a U.S. Bankruptcy Court for the District of Delaware, allowing the foreign-owned company to begin bankruptcy proceedings in the US, where Chapter 11 will be declared for all US assets.

Abengoa Bioenergy: The Digest’s 2015-5Minute Guide