“Where’s the Money Gone?” Rescue of Spain’s Biggest-Ever Corporate Bankruptcy Stumbles in Mexico

After nine months of fraught negotiations with its senior creditors, Spain’s teetering green-energy giant Abengoa is tantalizingly close to a financial fresh start. In August, the firm announced that it expects to win the approval of at least 75% of its creditors for a restructuring plan by September 30. The banks and hedge funds that own most of its debt are already on board.

But not everyone’s convinced. The company’s B-shares have barely budged from the €0.20 level since the announcement. As WOLF STREET reported a couple of weeks ago, the US rating agency Moody’s played down the restructuring plan’s chances of success. And this week events in Mexico have raised serious questions about the viability of Abengoa’s global restructuring plan…

Continue reading the article at WOLF STREET 

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