Abengoa's Mexican Unit Misses Interest Payments to Noteholders

  • Investors owed $70,000, Monex says in filings with exchange
  • Company under creditor protection amid debt-restructure plan

Abengoa SA, the Spanish renewable energy company that has filed for creditor protection, missed interest payments to noteholders in Mexico.

Abengoa de Mexico SA investors were due 1.16 million pesos ($70,000) on Thursday, financial advisory Monex Casa de Bolsa SA said in two regulatory filings with BMV, the Latin American nation’s securities exchange. Monex represents holders of the notes, it said.

Seville, Spain-based Abengoa filed for preliminary creditor protection with a court in its home city on Nov. 25 and is seeking to restructure about 9 billion euros ($9.5 billion) of debt. In August, Abengoa announced plans to raise 650 million euros through a rights issue, which hasn’t yet occurred.

Under Spanish law, Abengoa may suspend payments and keep negotiating with 
lenders for a maximum of four months. If Abengoa hasn’t reached a deal by the end of March it will have to apply for full-blown creditor protection. In Spain, more than 90 percent of companies that reach that stage end in liquidation, according to rating company Axesor.

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