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Abengoa signs accord with creditors for emergency loan

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Abengoa signs accord with creditors for emergency loan

Abengoa signs accord with creditors for emergency loan
December 29
11:48 2015

Spanish thermal solar power and electrical engineering firm Abengoa has signed an agreement with its creditor banks for a €106m credit line to help avert what would be Spain’s biggest-ever bankruptcy.

The company will be used for general corporate necessities, Abengoa said in a statement to the stock market regulator.

It is using some shares held in the affiliate Abengoa Yield as collateral for the loan, it said.

The lenders will receive shares in Abengoa Yield worth more than double the loan as a guarantee, while Spain’s official credit institute will also participate in the loan with €8.7m.

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