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Global Green Energy Zombie Abengoa, Caught Cooking its Books in 2015 & Bailed Out Twice, Finally Runs Out of Bailouts, Files for Bankruptcy, 2nd Largest in Spanish History

Global Green Energy Zombie Abengoa, Caught Cooking its Books in 2015 & Bailed Out Twice, Finally Runs Out of Bailouts, Files for Bankruptcy, 2nd Largest in Spanish History

Biggest beneficiaries of the now scuttled rescue plan would have been private equity firm KKR and Banco Santander.

Abengoa, the global renewables energy giant that was caught cooking its books in 2015, collapsed a year later but narrowly avoided insolvency by restructuring €9 billion of its debt and receiving a government bailout, only to hit the rocks again in 2018 and restructure even more debt and receive yet another bailout, has just hit the rocks again and filed for insolvency after the regional government of Andalusia withdrew an offer of a measly €20 million in funding as part of Abengoa’s latest rescue deal. Abengoa’s lenders finally lost patience and turned off the money taps.

Bloomberg described it as the biggest insolvency filing in Spanish history, before retracting the claim hours later. According to El País, it is the second largest, after Martinsa Fadesa’s collapse in 2008 under a €7.2 billion debt load.

As of March 31 2020, Abengoa purportedly had €5.9 billion of debt still sitting on its books — more than two thirds of it short term. That’s according to its financial statement for 2019, which it didn’t release until February 21, 2021 — just three days ago and over a year after deadline — and which still hasn’t been signed off by its auditor, PwC.

Of course, it’s perfectly possible that Abengoa’s debt load is larger than it claims. The company has form when it comes to hiding monstrous amounts of debt from investors and regulators for inordinate lengths of time.

…click on the above link to read the rest of the article…

Nick Corbishley, wolfstreet, green energy, alternative energy, renewable energy, bankruptcy, abenogoa, debt,

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