Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain's Abengoa gets creditor backing for standstill

Source: Reuters - Mon 28th Mar 2016
Spain's Abengoa gets creditor backing for standstill

Spain's Abengoa said on Monday it had obtained backing from 75% of its creditors for a seven-month standstill agreement, which it filed to a court in Seville as it seeks more time to restructure its debt.

The standstill agreement prevents creditors from demanding pre-payment and is aimed at giving the struggling renewable energy and engineering firm some breathing space after a legal period protecting it from lenders expires on Monday.

Abengoa is trying to restructure a 9.4 billion-euro debt load and needs backing from 75% of creditors for a plan to slash its borrowings and gives banks and bondholders equity in return.

It needed at least 60% of lenders to back the standstill in order to enforce it.

Recommended Reading :

* Creditors agree to Spain's largest ever Bankruptcy

* Spain court to probe claims against Abengoa Chairman