The company plans to give a group of its creditors a 55% stake in the company under the arrangement, in exchange for loans partly guaranteed by shares in its yieldco, Atlantica.
Abengoa sought protection from its creditors under Spanish law in November 2015 after a planned €250m ($277m) investment fell through. The company’s debts are reportedly in excess of €9bn.
The restructuring plan still needs approval by three quarters of Abengoa’s creditors and the insolvency court.
Abengoa
