Abengoa Asks U.S. Court To Prevent Lawsuits By Rebel Creditors

Spanish renewable energy and engineering firm Abengoa SA has asked a U.S. bankruptcy court to enjoin legal action and future claims by creditors who are unsatisfied with a high-stakes plan to restructure $10 billion of debt, Reuters reported. Abengoa, a Sevilla-based company with a global renewable energy footprint, put its U.S. subsidiaries in Chapter 11 protection this year and filed for Chapter 15 protection from creditors of non-U.S. businesses while it thrashed out a refinancing deal to avoid becoming Spain's largest-ever corporate failure. Last month the vast majority of Abengoa's international creditors signed on to its so-called master restructuring agreement, which will give creditors equity in exchange for debt. The deal was approved by a Spanish court on Nov. 8. Read more.