Abengoa Bioenergy secures emergency bankruptcy loan

Spanish renewable energy company Abengoa Bioenergy has secured an emergency bankruptcy loan that will allow the company to operate and pay wages while it attempts to reorganise.

According to a Reuters report, the company has received a $7 million loan to pay bills while it attempts to restructure its operation after filing for Chapter 11 bankruptcy last week.

The company specialises in the production of bioethanol.

The Spanish parent company of Abengoa Bioenergy, Abengoa , is faced with a debt structure of around $20 billion. The company has hired a former partner at KPMG to facilitate the debt restructuring process.