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Lenders provide grace to Spanish power giant Abengoa eight months’

Written by Larry Williams  •  Wednesday, 20.04.2016, 09:19

It declared that it was filing from lenders and were given to reach a deal with at least 60 per cent of its debt holders.
In parallel, the firm intends to file for Chapter 11 protection from creditors because of its affiliates in America.

“This (is a) essential part of the restructuring process of Abengoa and will allow the firm to finish the Fiscal Utility Strategy that has been accepted by lenders as a way to stabilise business and shield its direction in the energy and environmental sectors,” the firm said in a statement.
Abengoa, which employed 28,700 individuals globally in, needs to refocus on core tasks. It has indicated its intentions to sell off other holdings and its biofuels assets, on a case by case basis.

But high-risk bets on biofuels, Spain’s reductions to renewable energy subsidies during an the Benjumea family’s refusal and an economic slowdown to raise capital from anxiety about losing control of the firm shoved against it.

Felipe Benjumea, the business’s head, stepped down. He’s under fire for taking a settlement package of 11 million euros and under investigation for serious mismanagement.

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