Renewable energy firm Abengoa announces loan deal

Renewable Energy Runner up: Arizona Solar One

MADRID (AP) — Spanish renewable energy and engineering giant Abengoa says it has reached the basis of a debt-restructuring agreement with bank creditors and bondholders in a bid to avoid one of the country's largest insolvencies.

Abengoa, which began bankruptcy protection proceedings in November, said in a statement Thursday that under the deal it will give creditors a 55 percent stake in the company in exchange for up to $2 billion in loans over five years.

It said creditors would exchange 70 percent of Abengoa's debt for a 35 percent stake in the new company.

The deal has to be approved this month by Abengoa management and 75 percent of creditors.

Abengoa, which has some 24,000 employees worldwide, reported debts of over $10 billion.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>