- Winning auction bid prepared by Mintz
- Purchase accelerates commercialization of Synata’s technology
- Facility acquired from a company in Chapter 11
Synata Bio, Inc., a bio-based renewable energy company, was interested in bidding to purchase a cellulosic ethanol plant and electricity cogeneration facility in Hugoton, Kansas at a bankruptcy auction. The seller, a subsidiary of Spanish company Abengoa S.A., was in Chapter 11 bankruptcy.
Attorneys from our Bankruptcy & Restructuring, Real Estate, and Corporate & Securities practices collaborated to represent Synata in its bid and subsequent sales transaction. To help ensure a positive outcome, our team spearheaded the complicated real estate due diligence process and prepared Synata’s bid package, including the asset purchase agreement. We also attended the 14-hour auction and counseled Synata on how to effectively compete against the stalking horse bidder, Shell Oil Company.
At the end of the day, Synata had the winning bid, and we subsequently represented Synata at the sale hearing in bankruptcy court.