Abengoa Bonds Plunge After Company Seeks Creditor Protection
- Bonds due in March plunge to record low of 12 cents on euro
- B Shares drop as much as 69 percent to 28 euro cents
Abengoa SA Tumbles on Seeking Creditor Protection
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Abengoa SA’s bonds and stock tumbled to records after the embattled renewable-energy company said it was seeking preliminary protection from creditors following the breakdown of talks with a new investor.
Abengoa’s 500 million euros ($530 million) of bonds maturing in March fell as much as 51 cents on the euro to 12 cents on Wednesday, while its 550 million euros of bonds due February 2018 dropped as much as 32 cents to 9.8 cents, according to data compiled by Bloomberg. Its B shares plunged as much as 69 percent to 28 euro cents.