Abengoa SAs majority shareholder sweetened its offer to creditors in talks aimed at avoiding bankruptcy, agreeing to further reduce its stake in the Spanish renewable-energy developer, according to three people familiar with the matter.
Inversion Corporativa IC SA, controlled by the family of Abengoas founder Javier Benjumea, told creditors it would cut its holding to 5 percent of the restructured company from 51 percent currently, said the people, asking not to be identified because the talks are private. It previously sought a 12.5 percent stake, with the option to increase that to 30 percent if the companys viability plan succeeds, the people said.
Under Spanish law, the Seville-based company has until March 28 to reach a deal with cre…
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