Abengoa Asks Investors to Extend Maturity of Bonds Due March
- Company has until March 28 to reach agreement with creditors
- Trying to restructure 8.9 billion euros of gross borrowings
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Abengoa SA is asking holders of bonds due next month for more time as the Spanish renewable energy company tries to restructure its 8.9 billion-euros ($9.8 billion) of gross borrowings.
It’s seeking to postpone repayment of 500 million euros of 8.5 percent bonds due on March 31, according to a company statement on Thursday. The company has until March 28 to reach an agreement with creditors under Spanish bankruptcy law before filing for insolvency.