Abengoa credit event in balance as bankruptcy trigger dodged

Abengoa plant source Abengoa 230x150
By Dan Alderson
10 Dec 2015

Abengoa avoided triggering a bankruptcy credit event on Tuesday by only a single word change in legal documentation after ISDA spent more than a week boggling over Spanish laws and its own credit derivative definitions. But as GlobalCapital went to press, the firm looked to be on the brink of triggering a failure to pay credit event instead, having acknowledged it had missed commercial paper repayments. Dan Alderson reports.

The International Swaps and Derivatives Association’s EMEA Determinations Committee (DC) is set to decide on Friday if Abengoa has triggered a failure to pay credit event. This is after the renewable energy company said on Thursday that it had not paid noteholders in its €750m euro-commercial paper programme. ...

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