Abengoa (ABGB) Files for Chapter 15 Bankruptcy in U.S.

Abengoa SA (ABGB) shares are active Tuesday following news that the company filed for Chapter 15 bankruptcy in the U.S.

The WSJ said the filing deals with cross-border insolvencies. The filing was made with the U.S. Bankruptcy Court in Wilmington, Delaware.

Monday night, Abengoa said it won more time to continue negotiations with creditors over its proposed debt restructuring. The plan would call for the company to cut costs and unload non-core assets. Following the efforts, the company would be valued around €5.395 billion.

Shares of Abengoa are indicated higher in early trading.

You May Also Be Interested In

• Lucid Group stock surges 24% on Saudi prince investment