{"id":56920,"date":"2021-02-26T09:37:45","date_gmt":"2021-02-26T14:37:45","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56920"},"modified":"2021-02-26T09:37:45","modified_gmt":"2021-02-26T14:37:45","slug":"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","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56920","title":{"rendered":"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"},"content":{"rendered":"
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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<\/a><\/h3>\n<\/header>\n
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Biggest beneficiaries of the now scuttled rescue plan would have been private equity firm KKR and Banco Santander.<\/strong><\/p>\n

Abengoa, the global renewables energy giant that was caught cooking its books in 2015, collapsed a year later but narrowly avoided insolvency by restructuring \u20ac9 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 \u20ac20 million in funding as part of Abengoa\u2019s latest rescue deal. Abengoa\u2019s lenders finally lost patience and turned off the money taps.<\/p>\n

Bloomberg\u00a0described<\/a>\u00a0it as the biggest insolvency filing in Spanish history, before retracting the claim hours later.\u00a0According to<\/a>\u00a0El Pa\u00eds<\/em>, it is the\u00a0second<\/em>\u00a0largest, after Martinsa Fadesa\u2019s collapse in 2008 under a \u20ac7.2 billion debt load.<\/p>\n

As of March 31 2020, Abengoa purportedly had \u20ac5.9 billion of debt still sitting on its books \u2014 more than two thirds of it short term. That\u2019s according to its financial statement for 2019, which it didn\u2019t release until February 21, 2021 \u2014 just three days ago and over a year after deadline \u2014 and which still hasn\u2019t been signed off by its auditor, PwC.<\/p>\n

Of course, it\u2019s perfectly possible that Abengoa\u2019s 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.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Nick Corbishley<\/a>, wolfstreet, green energy, alternative energy, renewable energy, bankruptcy, abenogoa, debt,<\/h4>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-56920","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56920"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56920\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}