Abengoa SA won support from creditors to allow more time to approve a 9.4 billion-euro ($10.5 billion) debt restructuring and avoid insolvency.
More than 75 percent of the companys lenders agreed to continue talks for as much as seven months, Seville-based Abengoa said in a regulatory filing Monday. The support from creditors is higher than the 60 percent required to extend the acceptance period and puts the engineering-services company on track to approve its final restructuring plan, Abengoa said in a separate e-mailed statement.
Terms of a restructuring were agreed with its main bank creditors and bondholders earlier this month, which would leave existing shareholders including the founding Benjumea family with 5 percent of the firm.
A…
Read the full article at: http://www.bloomberg.com/news/articles/2016-03-28/abengoa-wins-reprieve-in-debt-talks-to-avert-insolvency-process