Abengoa SA, the Spanish renewable energy firm fighting to avoid bankruptcy, plans to shrink itself by about a third under a business plan aimed at convincing creditors it can survive as a smaller company, according to a person familiar with the matter.
The company will reduce revenue by about 30 percent from the 7.15 billion euros ($7.80 billion) it recorded in 2014 while also paring back its geographic reach as part of a viability plan to be presented to banks and creditors, according to the person, who asked not to be named because the decision hasnt been made public. The company is also seeking to divest assets without selling its largest subsidiaries, the person said.
Abengoa last month received a 106 million euro credit-line from …
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