28 Nov '15, 12am

Abengoa Seeks Insolvency Protection: Jim Lane In New York, NASDAQ shares in Abengoa SA (ABGB)... https://t.co/NobGgilst5 @altenergystocks

In New York, NASDAQ shares in Abengoa SA (ABGB ) plunged 49% in Wednesday trading after the embattled renewable energy developer said it would seek bankruptcy protection as it seeks to reorganize nearly $9.4 billion in debt. The protective filing was announced after an expected infusion of nearly $300 million from Spanish steelmaker Gonvarri did not materialize. The company’s debt had been previously downgraded to a B3 rating by Moody’s, six rungs on the ladder beneath investment grade. Last week, Moody’s described the company’s cash reserves as “insufficient” and expressed that asset sales and a round of investment by existing backers would not be enough to stabilize the company’s finances. Abengoa in an SEC filing Wednesday stated : “In relation to the Material Fact (Hecho relevante) of November 6, 2015 (No. 230768) concerning the framework agreement entered into with Go...

Full article: http://www.altenergystocks.com/archives/2015/11/abengoa_s...

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benzinga.com 27 Nov '15, 2pm

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