Abengoa financial restructuring

Overview:

• Abengoa is undergoing restructuring to stave off the largest corporate bankruptcy ever in Spain.
• The Seville-headquartered company applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water.
• On March 16 2016, the company announced details of its financial restructuring proposal, which was agreed with 40% of its creditors. The plan includes a swap of 70% of its existing debt into equity, which will allow the company to reduce its debt burden from €9.3 billion to €4.9 billion.
• The company has a total of 26141 employees working across 80 countries.

Adam Majeed - Regional editor