Spain: Abengoa Creditors Agree To More Time

Spanish energy and engineering firm Abengoa, S.A. won ample support from its creditors for a so-called “standstill” agreement in Spain allowing an additional seven months, to October 28, for the troubled Spanish firm to execute a complex Euro 9.4-billion (US$10.5 billion) debt restructuring plan. Abengoa and 44 affiliates included in the deal had until March 27 to present to a Spanish court the support of its creditors, or it would have had to start insolvency proceedings, becoming Spain’s largest bankruptcy.

At the same time, in the US, Abengoa S.A. filed for Chapter 15 bankruptcy protection, the section of the US bankruptcy code dealing with cross-border insolvencies.


About Bill Reinhardt

Editor of Public Works Financing newsletter
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