By Jesús Aguado
MADRID (Reuters) - Troubled Spanish renewables firm Abengoa
The announcement means the Seville-based engineering group will miss Tuesday's self-imposed deadline to reach an agreement with lenders that would allow it to stay afloat.
"The Board of Directors considers that, in the current circumstances, it must exhaust all available alternatives for the continuity of the group's business," Abengoa said in a statement.
Earlier on Tuesday, Spain's stock market regulator suspended trading in Abengoa shares ahead of the deadline. They were up 56% before their suspension at 0.0161 euros, but still down more than 99% since mid-2014, when they were worth almost 5 euros.
The advances included an agreement with suppliers, amendment of certain debt terms and the availability of guarantees of up to 300 million euros, said Abengoa. It said developments continued to "evolve favourably, having received relevant supports that are yet to be formalised".
Still, it warned that the lack of liquidity and guarantee lines was "severely affecting the business, making its viability very difficult if the transaction is not closed in the short term".
A source with knowledge of the negotiations had previously told Reuters that a group of Spanish and foreign banks, including Santander
The other 70 million euros would come from the Spanish state agency ICO and the regional government in Andalusia, the source said.
Bankia, Santander, the Economy Ministry and the Andalusian government all declined to comment.
In 2016, Abengoa avoided becoming Spain's largest-ever corporate bankruptcy after striking a deal to refinance 9 billion euros of debt, which handed creditors control of the company.
(Reporting by Jesus Aguado; additional reporting Isla Binnie, Emma Pinedo, Inti Landauro and Tomas Cobos; Editing by Andrei Khalip and Kevin Liffey)