Troubled Spanish green energy firm seeks NY share delisting

Staff Writer
Columbus CEO

MADRID (AP) — Spanish renewable energy and engineering giant Abengoa says it is asking to be delisted from the Nasdaq stock exchange as part of its debt-restructuring plan.

Abengoa, which began bankruptcy protection proceedings five months ago, is also seeking deregistration of its shares from the U.S. Securities and Exchange Commission.

Abengoa, S.A. said in a statement Wednesday that in future its shares will be traded only on the Spanish stock exchange.

It said the move aims to remove administrative burdens and costs associated with being a U.S. listed company and meeting SEC regulatory requirements.

Abengoa, which has debts of around 9 billion euros ($10.2 billion), said last month it has reached the basis of a debt-restructuring agreement with creditors in an attempt to avoid one of Spain's largest insolvencies.