Abengoa SA said it has laid the groundwork for an agreement with creditors to restructure debt as it maneuvers to avoid becoming Spains largest corporate insolvency.
Investors will provide financing of as much as 1.8 billion euros ($2 billion) to the renewable energy company in exchange for 55 percent of its capital, Seville, Spain-based Abengoa said Thursday in a regulatory filing. The loan will be backed by assets including shares in Abengoa Yield Plc, a company formed by Abengoa to own and operate power plants.
The renewable-energy developer filed for preliminary creditor protection in November after failing to raise funds from shareholders. Abengoa has said its road to survival lies in scaling back its geographical presence and sheddi…
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