The Seville-based concentrating solar power (CSP) specialist had needed the backing of lenders by Monday morning in order to secure the standstill contract which should allow it more time to persuade the market that its restructuring plan is viable.

Last week Abengoa raised €137m ($153m) in emergency loans in order to cover immediate obligations. The creditor approval secured on Monday means it can now push forward with plans which include slashing its €9.4bn