Spanish renewable energy company Abengoa SA has filed for bankruptcy on Monday, after it failed to secure a deal to restructure its debts.
The company had 7.9 billion euros in liabilities as of March 31.
In a statement Abengoa said that its board of directors “remains committed to find alternatives in order to grant the viability of the subsidiary companies responsible of carrying out the group’s activity and thereby, to preserve employment and trying to minimize the loss of value.”
The company also faced sanctions as it failed to report its earnings on schedule.
Attempts at restructuring did not succeed when Abengoa failed to secure a funding of 20 million euros from the regional government of Andalusia.