“Abengoa, the Spanish company that built the expansive $2 billion concentrated solar plant near Gila Bend, is broke and headed toward a possible bankruptcy filing.
It’s the latest solar scandal for the Obama administration, which picked Abengoa for billions in lucrative loan guarantees. This week, Abengoa filed in Spain for protection against its creditors, which is the first step toward a possible bankruptcy filing.
Media reports say bankruptcy should come within four months if Abengoa can’t pay its bills in a debt-restructuring move. If the firm goes bankrupt, taxpayers may be on the hook for loans that won’t be paid, and the company’s assets would be sold off.
It would be the biggest bankruptcy in Spain’s history.”
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Stern, Ray. Phoenix Times 2 December 2015.