Linklaters advises Abengoa S.A. on its global financial restructuring
Linklaters has advised the Spanish renewable energy company Abengoa, S.A. on the largest ever restructuring by a Spanish corporate, and one of the largest and most complex global financial restructurings to date.
Linklaters acted as lead company counsel on the implementation of a global restructuring involving the reduction of pre-restructuring old money group corporate debt from approximately €8.9 billion to approximately €2.6 billion. In addition, new money funding totalling c.€1.1billion was advanced (partly by a rollover by existing secured creditors of their existing secured debt) and new bonding lines totalling c.€320m were made available.
The restructuring involved approximately 9,000 creditors and comprised a number of inter-dependent restructuring processes in various jurisdictions, including a Spanish Homologación, U.S. Chapter 11 proceedings, an English law company voluntary arrangement (CVA) and U.S. Chapter 15 proceedings in respect of the Homologación and the CVA.
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