Spain's Abengoa Posts 7.6 Bn-euro Loss For 2016
Umer Jamshaid Published March 01, 2017 | 08:45 AM
MADRID, March 1, (UrduPoint / Pakistan Point News - 01st Mar, 2017 ) - Spain's debt-laden green energy giant Abengoa has announced a 7.6-billion euro loss for 2016, six times more than the previous year, as the multinational attempts to restructure.
Abengoa shareholders last year approved a 1.17 billion-euro rescue package from banks and investment funds, following years of frenzied, unsustainable expansion worldwide. "These results must be seen in the context of Abengoa's restructuring," CEO Gonzalo Urquijo Fernandez de Araoz said Tuesday.
"When the imminent restructuring -- for which our creditors have already given us the green light -- is carried out, debt-reduction will allow us to balance our accounts," he said. Last year the world player in solar and wind power, biofuels and water management published losses of 1.
2 billion Euros, leading to fears of what would be one of the biggest bankruptcies in Spain's modern history.
After drawn-out negotiations with its creditors, Abengoa avoided bankruptcy in November, with 50 percent of the Seville-based group's capital being exchanged for the rescue funds. Abengoa's debt has affected many of its projects around the world, which it has either been unable to keep constructing or operating, including solar power facilities in Chile and South Africa and electricity transmission lines in Brazil.
Its bioenergy arm was particularly hard-hit, with several bioethanol plants in the United States and Europe paralysed by bankruptcy proceedings.
Related Topics
Recent Stories
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
More Stories From Business
-
KPT shipping movements report
35 minutes ago -
Food exports grew by 48.17% in 09 months, reached $5.651 bln
1 hour ago -
Exchange rates for currency notes
4 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
5 hours ago -
Foreign exchange rates
5 hours ago -
Today Gold Rate in Pakistan 19 April 2024
5 hours ago
-
Oil jumps more than 3% on Middle East worries
5 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
6 hours ago -
Pakistan's total liquid foreign reserves reach $ 13.37 billion
16 hours ago -
Stock markets rise as traders consider US rate outlook
17 hours ago -
Business community alarmed by alleged Cigarette tax violations
17 hours ago -
High FED on cigarettes demonstrates positive impact
17 hours ago