The Spanish group Abengoa, giant of renewable energy which was threatened with bankruptcy, said Thursday it had entered into a debt restructuring agreement with its creditors and ten hedge funds providing a contribution of € 1.1 billion cash.
in a statement, Abengoa states have reached “an agreement on the terms and conditions of the restructuring of its financial debt and recapitalization “, after marathon negotiations with a set of” hedge funds “and a group of creditors including banks and bondholders.
The agreement must still be ratified by 75% of creditors before having legal value. It consolidates a preliminary agreement announced on July 1.
Abengoa balance sheet was placed in pre-filing in November, paying the consequences of all-out investment and growth in poorly controlled abroad.
in April, the Spanish court had granted him a respite of seven months until the end of October, to restructure and avoid bankruptcy.
the company will receive new loans of 655 million.
on the night of Wednesday to Thursday, it said the Spanish market authority, the CNMV, the total cash injection would amount to 1.169 billion euros, which 515 million already received by the company since September 2015.
since early 2016, the group has reduced its workforce by more than a third, from 28,000 to 17,000 employees, and in May announced a new social plan Spain, where it employs 5,000 people.
Abengoa had posted a first quarter net loss of 340 million euros, having already suffered a loss of 1.2 billion euros in 2015.
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