Abengoa reaches an agreement with 75% of its lenders to restructure debt

Spanish energy company Abengoa S.A won approval from 75% of its lenders to restructure its debt of €9.5bn.

The company, currently in pre-insolvency, would have become Spain’s largest ever bankruptcy if it had failed to reach an agreement its lenders.

Abengoa, which needed backing from 60% of its lenders before 28 March 2016, would now present this approval to the Spanish court as it seeks more time to avoid bankruptcy.

Source: Reuters

 

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