(Bloomberg) -- Abengoa SA filed for insolvency late on Monday, becoming Spain’s biggest company to go bust.
The renewable energy firm had 7.9 billion euros ($9.6 billion) in liabilities as of March 31, of which 3.9 billion euros were net corporate debt, according to its latest earnings statement. Martinsa-Fadesa SA, the country’s second-biggest bankruptcy, had 6.8 billion euros of liabilities when it filed in 2008.
Abengoa’s restructuring deal with creditors fell apart after it failed to secure 20 million euros from Andalusia’s regional government.
A company spokeswoman wasn’t immediately available to comment.
Once a darling of renewable energy and part of the Ibex 35 Index, the company avoided insolvency in 2016 by restructuring about 9 billion euros of debt. About 19% of the company’s 13,500 employees are based in Spain.
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