DOE’s redactions will not stop Abengoa’s bankruptcy implosion... the company’s largest single creditor is the U.S. taxpayer.
The U.S. Federal Financing Bank held $2.3 billion in Abengoa’s debt as of Sept. 31. Taxpayers could be on the hook if the company goes under. The news has even sparked a congressional investigation.
“To put this in perspective, the Abengoa bankruptcy exposes taxpayers to losses four times greater than Solyndra, making it the largest failure of the DOE green loan program to date
Why is that? A spokesman for Abengoa Bioenergy, which owns the plant, told TheDCNF they had not sold a single gallon of cellulosic ethanol despite the plant being up and running for a year.
Abengoa has since shut down its biofuels plant and laid off dozens of workers since they filed for bankruptcy. The company holds more than $9.8 billion in debt.