Spanish bankruptcy court gives Abengoa Oct. 28 to get restructuring plan approved

In Spain, bankruptcy court has granted Abengoa until Oct. 28 to approve its restructuring plan that would see 70% of debt swapped for 35% of equity, while a $2 billion loan would give creditors 55% of the restructured company. Creditors who are willing to stump nearly another $1 billion in guarantees to develop projects would be granted another 5% of the company. The remaining 5% in the restructured company is meant for the original founder of the company.

Abengoa Bioenergy: The Digest’s 2015 – 5 Minute Guide