MADRID Feb 28 Spanish renewable energy and
engineering company Abengoa on Tuesday reported a
record net loss of 7.6 billion euros ($8 billion) for 2016 and
said it was close to wrapping up a debt restructuring that has
saved it from bankruptcy.
Abengoa said its business was hit by a cash crunch last year
as it raced to strike an agreement with creditors, which
affected the roll-out of new projects. It also booked writedowns
on a series of assets.
Its earnings before interest, taxes, depreciation and
amortisation (Ebitda) was a negative 241 million euros in 2016.
In 2015 it posted a net loss of 1.2 billion euros.
Abengoa agreed to a debt-to-equity swap with its creditors
last October and earlier on Tuesday said it now had the consents
it needed for a planned new cash injection as part of its
restructuring. ($1 = 0.9442 euros)
(Reporting by Sarah White; Editing by Ruth Pitchford)