(Photo: abengoa.com )
Spain’s High Court on Tuesday increased the pressure on two former managers of troubled engineering and energy firm Abengoa, giving them 24 hours to deposit millions of euros in bonds as it investigates mismanagement allegations.
The court is looking into compensation payments handed out to two ex-bosses at Abengoa, which is racing to reach a deal with its creditors to avoid becoming Spain’s biggest ever bankruptcy.
In December the High Court demanded a bond of 11.5 million euros ($12.5 million) from former Chairman Felipe Benjumea and 4.5 million euros from ex-Chief Executive Manuel Sanchez to cover potential liabilities, after a complaint by some Abengoa bondholders over the firm’s severance payouts.
The original article can be found at uk.reuters.com