Abengoa request creditor protection, CEO Seage resigns
Nov 27 2015, 10:33 ET | About: Abengoa SA (ABGB) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Abengoa (ABGB -27.4%) says Santiago Seage is stepping down as CEO after six months on the job and focus on his role as managing director of Abengoa Yield (ABY -4.3%), part of a management shuffle after the company filed for creditor protection.CEO duties will be shared by Chairman Jose Dominguez Abascal, who becomes executive chairman, and new general director Joaquin Fernandez de Pierola Marin, who had been chairman of Abengoa Mexico.Abengoa said today it is seeking creditor protection, a step that gives a four-month window during which it can suspend payments to creditors while negotiating a debt restructuring; the move follows this week's collapse of rescue talks.