Spanish renewable energy firm in bankruptcy protection steps

The Associated Press

Spanish renewable energy and engineering giant Abengoa says it has begun bankruptcy protection proceedings in a bid to avoid what could be one of the country's largest insolvencies.

MADRID (AP) — Spanish renewable energy and engineering giant Abengoa says it has begun bankruptcy protection proceedings in a bid to avoid what could be one of the country's largest insolvencies.

Abengoa told Spain's market regulator in a statement Wednesday that it will be seeking preliminary protection from creditors with the aim of reaching a deal on its debts within four months.

The statement came after a Spanish technology firm announced it was pulling out of an agreement to help invest in the Seville-based firm.

Abengoa, which has some 24,000 employees worldwide, has debts worth some 9 billion euros ($9.5 billion).

Abengoa shares were down by nearly 50 percent at 0.47 euros in early afternoon trading in Madrid.

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