MEXICO CITY, April 12 (Reuters) - Indebted Spanish firm Abengoa on Tuesday said a court ordered its Mexican assets seized as a precaution, while the renewable energy company negotiates with bondholders over missed interest payments and a restructuring.
Abengoa, which is seeking to avoid becoming Spain’s biggest ever bankruptcy, did not specify which assets would be seized. The firm’s local unit has missed a series of coupon payments over the past six months.
In a statement, Abengoa Mexico said it “will continue the process of negotiation with creditors with the objective of reaching an agreement that guarantees its financial viability and fair treatment of its creditors.”
A Spanish court last week gave Abengoa seven additional months to strike a restructuring deal.
The company, which started in Seville 70 years ago as an engineering business and expanded into clean energy by taking on huge debts, was brought to its knees last year when its lenders refused to extend credit lines. (Reporting by Anna Yukhananov, editing by G Crosse)