Abengoa controversies

Second major insolvency and liquidation

After repeated restructurings, Abengoa entered formal insolvency proceedings in Spain in 2021. The failure became one of Spain's largest corporate collapses and led to liquidation of the legacy parent, sale of operating units and continuing disputes over creditor claims, asset ownership and management responsibility.

EU fines Abengoa over ethanol cartel participation

Fine or penalty

The article reports that the EU fined Abengoa for participating in an ethanol cartel.

Acuamed contracting allegations

Spanish investigations into the public water-infrastructure agency Acuamed examined alleged irregularities in the award and administration of several contracts, including a desalination project involving FCC and Abengoa. The allegations concerned suspected improper compensation and contract manipulation; they formed part of a broader investigation rather than a final finding that all allegations against Abengoa were proven.

Liquidity crisis and collapse of the expansion model

Abengoa's rapid expansion, high leverage, complex financing structure and dependence on continued access to capital markets culminated in a 2015 liquidity crisis. The company abandoned a planned capital increase, saw its share price collapse and sought creditor protection. Subsequent litigation and investigations questioned aspects of its financial disclosures, debt classification and management of liquidity risks.