Abengoa Bankruptcy Risk Has Creditors Confronting 607-Unit Web
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As Abengoa SA’s creditors prepare for the prospect of Spain’s largest corporate bankruptcy, they must also come to grips with the fact that they are dealing with not one company, but more than 600.
The Seville, Spain-based engineering and energy company had 607 subsidiaries in 2014, as well as 17 associates, 28 joint businesses and 244 temporary joint ventures spread out over more than 50 countries, according to its annual 20-F filing to the U.S. Securities and Exchange Commission. Abengoa, which has about 9 billion euros ($9.57 billion) in gross debt doesn’t break down its its financial figures by units.