Some creditors agree to $2 billion Abengoa bailout but deal not sealed yet

In Spain, 40% of Abengoa’s creditors have agreed to invest $2 billion over the next five years in exchange for the right to 55% of the restructured company, helping it to avoid bankruptcy and complete meltdown, but another 35% must agree as well as existing shareholders whose participation would shrink to 5% before a March 28 deadline. Creditors would also write off 70% of existing debt in exchange for 35% of the company while those who would provide another $1 billion in guarantees for project development would have the right to another 5%.

Abengoa: The Digest’s 2015 5 Minute guide