Abengoa seeking more than $1 billion from creditors and bondholders to keep afloat

In Spain, between Feb. 20 and 25 Abengoa will seek a $843 million loan from creditors in addition to EUR160 million from bondholders to keep afloat while it sorts out a financing plan with lenders. To bring down the company’s whopping debt to EUR3 million from the current EUR9 million, creditors must be willing to write off 70% of what’s owed and accept the remainder in shares.  Most of the company’s assets have already been leveraged to secure financing previously, leaving creditors and bondholders with little interest in taking on further exposure.

Abengoa: The Digest;s 2015 5 Minute Guide