Abengoa subsidiary to face first creditor-forced insolvency proceedings by Jose Carles Delgado and Carlos Cuesta Martin

Commercial Court nr. 2 of Seville has granted the opening of insolvency proceedings against Abengoa’s subsidiary, ‘Simosa IT’, after the petition submitted by one of its commercial creditors. It was the first time the Commercial Court agreed, since other creditors had also tried this measure against other companies of the group, with no success.

Is the situation of insolvent ‘Simosa IT’ the prelude of what will happen with the rest of the Spanish group?