Abengoa bankruptcy filing marks Spain’s biggest corporate failure

  • Spain’s Abengoa (OTCPK:ABGOF, OTCPK:ABGOY) says it filed a request for bankruptcy before the court in Seville, becoming the country’s biggest company to go bust.
  • The renewable energy company had €7.9B ($9.6B) in liabilities as of March 31, of which €3.9B were net corporate debt, according to its latest earnings statement.
  • Abengoa’s restructuring deal with creditors fell apart after it failed to secure €20M from Andalusia’s regional government. Source Seeking Alpha

As Paris asks Berlin to suspend Nord Stream 2, Gazprom reveals France has increased its own purchases of Russian gas by almost 50%

Less than a month after a senior politician in Paris asked Germany to put a stop to the controversial Nord Stream 2 pipeline, energy giant Gazprom has revealed that France has bought 43 percent more Russian gas so far this year. The latest financial report from the country’s largest company divulged that France’s underground gas storage facilities are less than 30 percent full. Source RT

US Deficit projected at $2.3 trillion for 2021, not counting additional stimulus, CBO says

  • The federal budget deficit is projected to be $2.3 trillion in fiscal 2021, the Congressional Budget Office said.
  • That’s smaller than 2020 shortfall of $3.13 trillion but larger than anything the nation had seen prior to the Covid-19 pandemic.
  • Federal debt will swell to $35.3 trillion in 2031, it said, the largest debt-to-GDP ratio in U.S. history. Source CNBC