Abengoa begins pre-insolvency procedures

In Spain, Abengoa has begun a pre-insolvency proceeding in an attempt to restructure its $21.4 billion of debt during the next four month before having to enter bankruptcy proceedings. Shares of the company dove 54% after a major investor refused to recapitalize the business, wiping about a half billion dollars from its value in a single day. It would be the country’s largest bankruptcy if it indeed failed. The company’s value has sunk by 85% since its financial situation became untenable in July.