Abengoa, Spanish catapulted into the bag after avoiding bankruptcy – Investing.com Spain

MADRID (Reuters) – Shares Class B Abengoa (MC came up almost 60 percent on Tuesday, while Class A, less liquid, marked increases point above 40 percent, after it was confirmed yesterday that the debt-ridden company from Seville away at the moment bankruptcy.

after almost half an hour auction amid strong demand for securities, shares of class B , listed on the before the company came into preconcurso creditors last November were exchanged for 0.314 euros at 1033 hours, with an increase of 25 percent, while class a shares rose 22 percent to 0.810 euros .

After months of intense negotiations, Abengoa confirmed Monday that more than 75 percent of its creditors granted seven months to restructure its debts, a commitment waiting that has yet to ratify the judge.

for now, the commercial court number 2 of Seville has begun processing the application for approval of the agreement waiting, known in financial jargon as “standstill”, so the company will protected from its creditors until the judge rule after the expiry on Monday preconcursal phase. [NL5N1700J6]

Analysts at Banc Sabadell (MC indicated in a report Tuesday that the news is positive for the future of the company, but negative for its current shareholders, who will see reduced to 10 percent their participation in the best if finally comes out the plan of debt restructuring agreement with its major creditors

(Reporting by Jose Elias Rodriguez Edited by Carlos Ruano).

Disclaimer: Fusion Media would like to remind you That the data Contained in this website is not Necessarily really time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices May not be accurate and May Differ from the actual market price, meaning prices are indicative and not Appropriate for trading purposes. Fusion Media doesn`t bear THEREFORE any Responsibility for any trading losses you incur as a result Might of using esta data.

Fusion Media or anyone Involved With Fusion Media will not accept any liability for loss or as a result of damage reliance on the information Including data, quotes, charts and buy / sell signals Contained Within this website. Please be fully Informed Regarding the Risks Associated With costs and trading the financial markets, it is one of the riskiest investment forms possible.