Abengoa SA, the Spanish renewable energy developer on the verge of insolvency, will seek to sell its biofuel business as part of a debt restructuring plan to avoid bankruptcy.
A plan presented Jan. 25 to the board establishes “the sale of all non-core assets including all the first generation biofuel ones," the Seville, Spain-based company said in an e-mailed statement. “The feasibility plan also establishes a company which will have revenues in the next few years of about two thirds those of 2014."
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