ABENGOA MÉXICO: A TALE OF TWO PLANS.
ABENGOA MÉXICO: A TALE OF TWO PLANS. This tale commenced in June 2016, when a bank filed an involuntary petition in bankruptcy against Abengoa Mexico, S.A. de C.V., a publicly held company incorporated under Mexican laws. In December 2016, the adjudication in bankruptcy was issued, and the reorganization stage opened. In Mexico, a case will be closed if a reorganization plan is submitted and approved within a fixed period; if not, the case will be converted to the liquidation stage. Only allowed creditors can sign the plan, but to get a claim allowed, one must pass through the allowance of claims proceeding, which is often heavily contested multiparty litigation. In effect, in the allowance of claims proceeding, there could be at least three resolutions, the first instance, the appeal resolution, and the amparo (which is an extraordinary judicial recourse). In this tale, the first instance rule on the allowance of claims was issued in April 2017 and the appeal resolution in June 2020