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Spain's solar energy firm Abengoa begins insolvency proceedings

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Spain's solar energy firm Abengoa begins insolvency proceedings
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Spain’s troubled renewable energy company Abengoa is said to have begun insolvency proceedings after talks with a potential investor broke down.

The Seville-based solar energy firm, which employs 24,000 people worldwide, has been seeking to reassure investors that it can generate enough cash to service its near nine-billion dollar debt.

Shares in Abengoa, which have more than halved over the past year, were suspended from trading on the Madrid Stock Exchange.

The company says it is seeking creditor protection to ensure its financial viability, after talks with Spanish industrial group Gonvarri fell through over a possible 350 million euro capital increase.

Abengoa has been at the centre of speculation over its survival for several months, and some questions have been raised over its business model and transparency.