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Banks, investors and even the Spanish and US governments are bracing themselves for a long and bruising battle to restructure Abengoa, the Spanish renewable energy group likely to enter a pre-insolvency period on Friday. -
Abengoa's banks refused it a vital $1.5bn of new loans over the past fortnight, causing its rescue investor Gonvarri to pull out, sources said today. But Abengoa could yet avoid bankruptcy, they argued.
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Abengoa’s rights issue has collapsed, and the company is at risk of doing so too. Barring a miracle, the debt-laded Spanish renewable energy company is expected to file on Friday for a preconcurso — a three month period of protection from creditors.
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Holders of credit default swaps referencing the Spanish renewable energy company have asked the International Swaps and Derivatives Association (ISDA) whether there has been a bankruptcy credit event. But Abengoa had not yet formally requested bankruptcy protection as GlobalCapital went to press.
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OTE, the Hellenic Telecommunications Organisation, returned to the bond market on Tuesday with a €350m four year at a yield of just 4.625%, despite high yield bankers saying the mood in the market was still unstable.
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Abengoa may be nearing the end of the line. After umpteen upsets and false dawns since it shocked the market a year ago by making conflicting noises about whether its green bond was full recourse, Abengoa is now on the verge of bankruptcy.
