Spanish energy giant Abengoa looks on course for restructuring plan

THE tide looks to be turning for renewable energy giant Abengoa.

Bosses claim the new restructuring plan has received the backing of ‘at least 75%’ of its creditors.

The Sevilla-based company expects to implement the final restructuring agreement by the end of September in order to stave off what would be Spain’s largest-ever corporate bankruptcy.

Spanish bankruptcy law requires three quarters of creditors to ratify a restructuring plan.

Investors including Centerbridge Partners LP, Elliott Management Corp. and Oaktree Capital Management LP have agreed to inject €1.17 billion into the debt-laden company.

In exchange, the investors will receive up to a 50% stake in Abengoa’s equity.

The company has also sold its US ethanol plants for €317 million.