THE 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.