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

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

Use the hair extensions pretty curling styling spray to evenly spray on the hair wigs part that wants to highlight the hair extensions uk curl, then use the curling iron to start at the horizontal line behind the ear, and the human hair extensions uk single layer is rolled, and the handsome yet playful hairstyle is born.