November 7, 2019 / 10:18 AM / a month ago

Spain's Abengoa hires Lazard in bid to strengthen its capital structure

FILE PHOTO: A tower belonging to the Abengoa solar plant at the "Solucar" solar park is seen in Sanlucar la Mayor, Spain, October 1, 2018. REUTERS/Marcelo del Pozo

MADRID (Reuters) - Spanish renewable energy and engineering firm Abengoa (ABG.MC) announced on Thursday it had hired U.S. investment bank Lazard to study ways to reinforce its capital structure.

The company said the move was “aimed at strengthening its competitive position, its capital structure and its income statement.” It did not give further details.

The Seville-based company in 2016 avoided becoming Spain’s largest-ever corporate bankruptcy after striking a refinancing deal on its debt worth 9 billion euros ($10 billion), which handed creditors control of the company.

Abengoa’s statement came after Spanish paper El Economista said Abengoa was searching for an industrial partner to inject capital to fund its growth in engineering and construction.

“The company headed by Gonzalo Urquijo is open to different options, but the main goal is to bring in capital from a new investor,” the newspaper said.

Reporting by Emma Pinedo; Editing by Jesús Aguado and Edmund Blair

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