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Energy firm Abengoa says to miss interest payments in Mexico

The Mexican unit of Abengoa, a Spanish renewable energy firm, on Thursday said it would not make its interest payment on two short-term bond issues in the local market.

(Photo: Archive/El Universal)
English 05/02/2016 22:03 Reuters Actualizada 22:04

The Mexican unit of Abengoa, a troubled Spanish renewable energy firm, on Thursday said it would not make its interest payment on two short-term bond issues in the local market.

Abengoa Mexico did not provide details on how much it must pay on the two bonds, which currently offer a 6.1 percent coupon and mature on April 28. The two bonds have US$14.9 million outstanding, according to Thomson Reuters data.

The Seville-based firm presented its creditors with a long-awaited viability plan this week as it races to avoid becoming Spain's biggest ever bankruptcy. The firm says it needs around US$335 million of liquidity before the end of March to pay operating costs, sources close to the company said.

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