The judge gives the okay to the rescue of Abengoa – Investing.com Spain

MADRID (Reuters) – A commercial court validated on Tuesday the agreement on the rescue of the indebted Abengoa (MC:) after it achieved the support of more than three quarters of its financial liability.

In a car, the judge, owner of the mercantile court number 2 of Seville said the agreement, burnished by a series of high risk funds and banks, creditors, meet with the necessary requirements and is therefore extended to all those creditors that have not signed.

The agreement of the approval, may be challenged within a period of 15 days.

late last month, the group succeeded in extremis that 86 percent of its creditors support the plan of restructuring of debt, above the 75 percent necessary.

Now, the rescue will have to receive the blessing of the shareholders at an extraordinary general meeting on the 22nd of November which will give way to a Abengoa totally new.

The plan will allocate new funds and guarantees to a company with a current roster of 17,000 people that he was strangled to death financially.

in Addition, it will reduce to less than half your financial debt after a complex capitalization that will dilute 5 per cent the presence of the current shareholders, including influential families in seville.

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