Abengoa has been chosen as the technological partner for the construction of the biggest solar complex in the world in Dubai. The size of the contract to be directly executed by Abengoa is $650 million (some 550 million euros).
It seems Abengoa has reached an agreement with its main creditors who did not accept the plan (Liberty, Zurich and Exim US) to refinance its existing debt with a new bond issue under the same economic terms as the former senior debt but with a maturity date of six months earlier (up to March 2022).
The group representing the small creditors and bondholders affected by Abengoa’s situation has recommended they do not sign up for the Spanish company’s financial restructuring plan. In the opinion of the representatives of this organisation – La Plataforma de Perjudicados por Abengoa – the best solution is to go ahead with bankruptcy proceedings.