Citi criticised by investors over Abengoa collapse
by David Hellier from Environment | The Guardian on (#VQ1M)
Failure of Spanish renewable group proves embarrassing for US investment bank, which launched share sale to raise funds for it earlier this year
A Spanish renewable energy group has collapsed into insolvency protection, it said on Wednesday, just months after US investment bank Citi led a a100m (70m) share sale to raise funds for the group.
Abengoa shares dropped 70% in minutes after the company said it was entering insolvency protection after a deal for a a350m capital injection fell through.
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