Troubled Spanish renewable energy group Abengoa may already have the support of around 40 per cent of its creditors for a restructuring proposal to avoid what could be the biggest bankruptcy in Spanish history, but ratings agency Moodys is maintaining its negative outlook, pointing out that a deadline by which it needs to strike an agreement with a majority of its lenders is very tight.
Abengoas final restructuring proposals which can be found here and were published by the company earlier this week involve a debt-for-equity swap that would see existing holders of its debt take a 70 per cent haircut in return for 35 per cent of the groups equity.
If the plan is accepted by a majority of Abengoas lenders, it will allow the company…
Read the full article at: http://www.ft.com/fastft/2016/03/18/deadline-for-abengoa-restructuring-very-tight-moodys/