(Adds details on board, updates shares)
MADRID, March 2 Debt-laden Spanish energy group
Abengoa has appointed a new chairman to try to
distance the firm’s management from its main shareholder and
facilitate a debt restructuring.
The Seville-based company is racing to reach an agreement
with its banks and bondholders by March 28, when it would risk a
full-blown insolvency process after piling up debts of almost
9.4 billion euros ($10 billion).
Antonio Fornieles Melero will become executive chairman,
replacing Jose Abascal, the company said in a statement to
Spain’s stock exchange regulator.
Abascal had been appointed only in November and was seen as
a front man for Abengoa’s top shareholder and former chairman
Felipe Benjum…
Read the full article at: http://uk.reuters.com/article/abengoa-restructuring-idUKL8N16A2F4