A Spanish solar energy company benefiting from $191 million in financing from the Export-Import Bank declared bankruptcy last month, calling into question whether the embattled agency will see repayment of the tens of millions of dollars in taxpayer-backed loans on its balance sheets.
Abengoa, which operates worldwide, filed for Chapter 15 bankruptcy in U.S. Bankruptcy Court in Wilmington, Del., and has until the end of October to restructure its $16.4 billion of debt.
According to Ex-Im’s records, the bank authorized more than $300 million in loans and loan guarantees to Abengoa and its subsidiaries, with more than a dozen transactions approved from 2007 to 2015.
Of the $316 million in financing Ex-Im authorized, the bank disbursed $191 million to Abengoa and its subsidiaries, its records show. The bank cancelled the remaining $125 million of outstanding credit, an Ex-Im spokesman told The Daily Signal.