Abengoa SA won agreement from major creditors for a rescue plan, potentially averting Spains largest corporate insolvency.
Investors including Elliott Management Corp., Centerbridge Partners LP and Varde Partners LP will provide 1.17 billion euros ($1.3 billion) of new loans in exchange for a 50 percent stake, according to a regulatory filing on Thursday. The renewable-energy producers existing shareholders, including a company part-owned by the founding Benjumea family, will be left with about 5 percent.
Abengoa has until Oct. 28 to garner support from 75 percent of creditors for the deal, which follows an initial agreement in March. The Seville-based company filed for preliminary court protection in November following a failed attempt t…
Read the full article at: http://www.bloomberg.com/news/articles/2016-08-11/abengoa-reaches-creditor-agreement-in-bid-to-fend-off-insolvency