Solar Company On Verge Of Spain’s Largest Bankruptcy


They’ve spent too much on running diesel-generators i gues. Didn’t they show power output at night?

NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

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http://elpais.com/elpais/2015/11/26/inenglish/1448550150_453924.html

Stranded assets, Mr Carney?

El Pais report:

Spanish renewable energy company Abengoa on Thursday applied for preliminary protection from creditors and called in lenders to start negotiating the terms of an agreement that would prevent a definitive suspension of payments.

In accordance with Spanish insolvency laws, the company has four months to reach an out-of-court agreement with its creditors.

Abengoa is on its way to becoming the biggest bankruptcy case in Spanish business history – even bigger than the fall of real estate giant Martinsa-Fadesa.

While the Seville-based firm desperately seeks a new deal with its creditors or a new investor to shoulder part of its €8.9 billion of gross financial debt, it is also asking bondholders to group together into a committee to renegotiate the debt.

“The committee is necessary in order to manage our commitments in an efficient manner,” said a company spokesperson.

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