Abengoa, the Teetering Sun King of Spain, Prepares for End Game
- Banks, bondholders ready for battle to recover what they can
- Company, creditors have until end of March to reach agreement
Abengoa's Bondholders Jumping Ship
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The world was struggling to recover from its deepest post-World War II recession and Spain was headed toward a European bailout, but Abengoa SA was flying high.
The then-Spanish King Juan Carlos traveled to Seville in September 2009 to christen the solar-energy company’s new headquarters, designed by renowned architect Richard Rogers’s firm. Aggressive growth plans helped Abengoa sell more than 1 billion euros ($1.1 billion) of bonds in a few months. A little while later, it won a $1.5 billion loan guarantee in the U.S. to build a solar plant in Arizona.