Abengoa reports €1.2B 2015 loss as bankruptcy deadline nears
Feb 29 2016, 18:58 ET | About: Abengoa SA (ABGB) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Abengoa (NASDAQ:ABGB) reports a €1.2B ($1.3B) loss for 2015 after its business was revalued amid a financial restructuring process.The Spanish renewable energy company swung to a loss following net income of €125.3M in 2014, with the loss mostly due to €878M in negative impacts related to its viability plan; revenues fell to €5.8B from €7.2B in 2014, while EBITDA slumped to €515M from €1.4B.Abengoa is under preliminary bankruptcy protection, and has until March 28 to reach a deal with creditors to restructure its debt; if it fails, it would follow its units in the U.S. and Brazil into court-led insolvency proceedings.