(Recasts to focus on timetable, liquidity needs)
By Jose Elías Rodríguez
Struggling energy and
engineering firm Abengoa will probably have to ask a
court for more time to get lenders to back its debt
restructuring, as its race to avoid becoming Spain’s first ever
bankruptcy goes down to the wire.
The company said on Wednesday it expected to have the
support of creditors representing 60 percent of its financial
debt by a legal deadline on March 28.
However, under Spanish law it needs the green light from 75
percent of creditors for its plan to slash debt and get fresh
cash to go through, meaning it will most likely have to ask the
court overseeing its talks with lenders to extend the deadline.
It already has the backing of cre…
Read the full article at: http://www.reuters.com/article/abengoa-restructuring-idUSL5N16O5I8