Trustee Wants Abeinsa Ch. 11 Plan Rejected Over Releases

Law360, New York (December 1, 2016, 8:13 PM EST) -- The trustee overseeing Abeinsa Holding Inc.’s Chapter 11 proceedings has objected to the alternative energy firm’s plan to exit bankruptcy, saying it wrongly releases third parties from liability without the express consent of all creditors.

U.S. Trustee Andrew R. Vara on Wednesday said that Abeinsa’s current plans to restructure as part of its parent Abengoa SA’s $16.5 billion global debt workout should be rejected, as many creditors who voted against the Chapter 11 plan or did not vote would be subject to broad third-party releases....
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