Support Local Journalism, Join the SA Current Press Club.

Spanish Company Building Vista Ridge Pipeline Starts Pre-Bankruptcy Proceedings 

ALAMO AREA SIERRA CLUB
  • Alamo Area Sierra Club
Not even a week after City Council voted to approve a San Antonio Water System rate increase that would help pay for the 142-mile Vista Ridge Pipeline, among other projects, the energy company that's building the infrastructure initiated pre-bankruptcy proceedings.

Reuters reports that Abengoa made the move after an investor wouldn't "inject fresh capital into the energy firm, sending its share price tumbling by 60 percent."



From the report:

Under Spanish law, companies can enter into pre-insolvency proceedings, giving them up to four months to reach an agreement with creditors to avoid a full-blown insolvency process and a potential bankruptcy.

Failure by Abengoa to reach such a deal could lead to Spain's largest bankruptcy on record.

The San Antonio Express-News reports that the impact to Abengoa Vista Ridge LLC, a subsidiary of the company, is unclear, but notes that the story is developing.

Support Local Journalism.
Join the San Antonio Current Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the San Antonio Press Club for as little as $5 a month.

Read the Digital Print Issue

October 20, 2021

View more issues

Newsletters

Join SA Current Newsletters

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2021 San Antonio Current

Website powered by Foundation