September 29, 2016 4:01 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Abengoa Bioenergy of Indiana, LLC

Company Overview

Abengoa Bioenergy of Indiana, LLC, a biotech ethanol company, produces bio-ethanol and DGS from corn. The company supplies its products to the eastern United States markets, and exports to other markets. Its bio-ethanol is used as an additive for gasoline to increase its octane rating, fuel for cars, and an intermediate product in producing jet fuel; and in chemical and pharmaceutical industries. The company is based in Mount Vernon, Indiana. Abengoa Bioenergy of Indiana, LLC operates as a subsidiary of Abengoa SA. On June 12, 2016, Abengoa Bioenergy of Indiana, LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Eastern District of Missouri....

8999 West Franklin Road

Mount Vernon, IN 47620

United States

Founded in 2006

Phone:

812-985-4032

Fax:

812-985-9983

Key Executives for Abengoa Bioenergy of Indiana, LLC

Chief Executive Officer and President
Chief Operating Officer, Executive Vice President and Secretary
US Director of Operations
Compensation as of Fiscal Year 2016.

Abengoa Bioenergy of Indiana, LLC Key Developments

Motion for Asset Sale Approved for Abengoa Bioenergy U.S. Holding, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Abengoa Bioenergy US Holding LLC on August 30, 2016. The debtor has been authorized to sell its 56 million gallon nameplate ethanol production facility located at 1414 Road O York, NE 68467, York County to Green Plains Inc. for purchase price of $37.38 million plus assumption of certain assets. At the auction conducted, Green Plains Inc. emerged as winning bidder with purchase price of $37.38 million.

Motion for Asset Sale Approved for Abengoa Bioenergy U.S. Holding, Inc.

The US Bankruptcy Court approved the sale of certain assets of Abengoa Bioenergy Engineering & Construction, LLC on July 14, 2016. As per the order, debtor has been authorized to sell real property commonly known as 998 Road P, Hugoton, Kansas to Robert A. Rich for a purchase price of $0.20 million, as per the agreement dated June 21, 2016. The buyer has submitted earnest deposit of $5,000. Buyer will also pay 6% real estate commission to Faulkner Real Estate. Transaction is expected to close by August 1, 2016. The transaction is contingent upon buyer obtaining mortgage financing of $0.05 million.

Bidding Procedure Approved for Abengoa Bioenergy U.S. Holding, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of subsidiaries of Abengoa Bioenergy US Holding LLC on June 15, 2016. The Court approved the stalking horse agreements for the Abengoa Bioenergy of Illinois, LLC’s Madison Plant and Abengoa Bioenergy of Indiana, LLC’s Mount Vernon Plant (Maple Assets) to Maize Acquisition Sub, LLC (Green Plains Inc.), the stalking horse bidder, for a purchase price of $200 million, Abengoa Bioenergy of Nebraska, LLC’s 90 million gallon nameplate ethanol production facility located at Ravenna, Nebraska (Ravenna Assets) to KE Holdings, LLC, the stalking horse bidder, for a purchase price of $115 million and Abengoa Bioenergy Company, LLC’s 56 million gallon nameplate ethanol production facility located at 1414 Road O York, NE 68467, York County to BioUrja Trading, LLC the stalking horse bidder, for a purchase price of $35 million (which includes $35 million in cash plus the assumption of Assumed Liabilities plus the Inventory Final Amount plus Pre-Paid Expenses plus the Accounts Receivable Final Amount and minus the Cure Costs Adjustment, if any and minus the dollar amount of real or personal property Taxes allocated to Seller). No later than three business days following the entry of the bidding procedures order, purchaser will make an earnest money deposit in the amount of $20 million, $11.5 million and $3.5 million for Maple assets, Ravenna assets and York assets respectively to the escrow agent. To qualify as a qualified bidder, interested parties should submit their bids by August 18, 2016. The initial minimum overbid for Maple Assets should be at least $1 million per Plant over and above the aggregate of the applicable Purchase Price and the Bid Protections, for Ravenna Assets should be at least $4.5 million and for York Assets should be at least $1 million over and above the aggregate of the applicable Purchase Price and the Bid Protections. The debtor has scheduled an auction on August 22, 2016. At the auction, the subsequent bids would be in the increments of $0.5 million. The stalking horse bidder would be entitled to a break-up fee of 2.5% of the cash purchase price and expense reimbursement of $0.5 million (Break-Up Fee together with the Expense Reimbursement for Maple assets would be $2.5 million per plant, for Ravenna assets would be $2.88 million and York assets would be $0.88 million) in case of termination of the asset purchase agreement. The sale hearing is scheduled for August 29, 2016. Transactions are expected to close by September 30, 2016. Richard Chesley of DLA Piper LLP (US) acted as legal counsel for debtor, Jeffrey T. Haughey of Husch Blackwell LLP acted as legal counsel for Green Plains Inc. and Dennis Fogland of Baird Holm, LLP and Matt Tashman of Reed Smith LLP acted as legal counsel for KE Holdings, LLC.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 13, 2016
Business Related To Madison, IL Ethanol Plant And Business Related To Mount Vernon, IN Ethanol Plant
 

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