* Creditors to lend up to 1.8 bln euros under draft plan
* Existing creditors would get 35 percent of company
* Existing shareholders’ stake would be cut to 5 percent
(Adds details, background)
By Sonya Dowsett
MADRID, March 10 Debt-laden engineer Abengoa
said on Thursday it had agreed a draft
rescue plan with creditors to cut debt and inject fresh cash, in
the latest attempt to avoid what could be Spain’s biggest
bankruptcy.
Loss-making Abengoa, which started out 70 years ago as an
engineering business in Seville and expanded into clean energy
by taking on huge debts, entered pre-insolvency proceedings last
year when lenders refused to extend credit lines.
Under the proposal, creditors would lend up to…
Read the full article at: http://www.reuters.com/article/abengoa-restructuring-idUSL5N16I1AY