Spanish energy giant Abengoa looks on course for restructuring plan

Bosses claim the new restructuring plan has received the backing of ‘at least 75%’ of its creditors

LAST UPDATED: 1 Sep, 2016 @ 10:10
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abengoa-solar-thermalTHE tide looks to be turning for renewable energy giant Abengoa.

Bosses claim the new restructuring plan has received the backing of ‘at least 75%’ of its creditors.

The Sevilla-based company expects to implement the final restructuring agreement by the end of September in order to stave off what would be Spain’s largest-ever corporate bankruptcy.

Spanish bankruptcy law requires three quarters of creditors to ratify a restructuring plan.

Investors including Centerbridge Partners LP, Elliott Management Corp. and Oaktree Capital Management LP have agreed to inject €1.17 billion into the debt-laden company.

In exchange, the investors will receive up to a 50% stake in Abengoa’s equity.

The company has also sold its US ethanol plants for €317 million.

 

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