- Abengoa's (ABGB) creditors have reached agreement on a proposal to restructure the Spanish company's debt and inject cash, according to reports earlier today, but several hurdles stand in the way of a deal to save the group from bankruptcy.
- Bondholders and bank lenders are said to have agreed in principle to overhaul Abengoa’s €9.4B ($10.3B) of gross borrowings in exchange for control of 95% of the restructured company.
- The company must reach an agreement with creditors by March 28 and present a restructuring plan to a court in Spain to avoid insolvency proceedings under Spanish law.
- Separately, Moody's changed Abengoa's probability of default rating to Ca-PD/LD after defaulting on payment of interest payable on 550M in senior unsecured notes due 2018 after the 30-day grace period which elapsed March 7.