Creditor banks are lending financially strapped Spanish power giant Abengoa $123 million to temporarily avert what would be the country's largest bankruptcy, the company said on Dec. 24. The firm, which took on large debt to finance a global expansion in clean energy that includes a number of U.S. projects, has less than four months to renegotiate with lenders its outstanding debt of as much as $27.4 billion.
The loan will allow Abengoa "to find the best solution ... for employees, investors, customers, suppliers and communities where the company is present," said a firm statement.