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Edward Evans

Why Is Abengoa Imploding?

Bondholders face potential losses as fundraising is abandoned

For a company that makes money turning sunlight into electricity, Abengoa shows a troglodytic aversion to transparency -- as investors are now finding out to their cost.

The Spanish builder and operator of renewable energy projects is to take the first step in filing for protection from its creditors, after a potential white knight savior abandoned a promise to invest 350 million euros ($371 million) to ensure its survival. But the root causes of its problems go back much further than that.