Renewable energy and engineering company Abengoa SA said it had reached a restructuring deal with its creditors to avoid becoming Spain’s largest-ever bankruptcy, the Wall Street Journal reported today. A group of investors including Centerbridge Partners LP, Elliott Management Corp. and Oaktree Capital Management LP have agreed to inject €1.17 billion ($1.31 billion) into the debt-laden company, Abengoa said yesterday in a regulatory filing. Abengoa will also receive €307 million in financial guarantees, according to the filing. In exchange, investors and creditor banks, such as Spanish lenders Banco Santander SA and Banco Popular Español SA, are set to own between 90 percent and 95 percent of Abengoa, depending on whether Abengoa meets certain targets. Read more. (Subscription required.)
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