A&M puts Abengoa in bondholders’ hands

Abengoa
By Victor Jimenez
25 Jan 2016

The opening shot for the race to save Abengoa from bankruptcy came on Monday from Alvarez & Marsal, the restructuring firm, and its plan to half the Spanish renewable energy company’s corporate debt to €4bn ­— now the board and creditors must approve the scheme before March 28.

Abengoa’s ‘B’ shares skyrocketed beyond €2.00 per share after a 31% jump on Monday afternoon, even as the gist of Alvarez & Marsal’s debt restructuring plan was being discussed in Seville by the Abengoa board. 

Its ‘A’ shares were up by 43% to €0.50 per share in a surge ...

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