* Abengoa has until Friday to present acceptance to court
* Company struggling with 9 billion euro financial debt pile
* Approval will avoid Spain's biggest ever bankruptcy (Adds timeline for final accord, background)
By Jose ElÃas RodrÃguez
MADRID, Oct 25 (Reuters) - Renewable energy firm Abengoa is on track for the 75 percent creditor approval neededfor its restructuring plan and avoid filing for Spain's biggestever bankruptcy, a source with knowledge of the deal said onTuesday.
The Seville-based company borrowed too heavily over the past10 years to fund an expansion into clean energy and has beennegotiating with lenders since November to cut debts of morethan 9 billion euros ($10 billion).
Abengoa is unlikely to be able to confirm the acceptancelevels until much later on Tuesday, the deadline it set forcreditors to agree to the plan, the source said.
"According to the initial count of support, the company ison the right path (to win 75 percent approval)" the source said.
Abengoa set Oct. 25 as a deadline for approval, but it hasuntil Friday to gain the necessary creditor support under acourt decision earlier this year.
Under Spanish law, the company needed backing from at leastthree quarters of all its creditors to go ahead with therestructuring plan, which it presented in August.
Abengoa's creditors include Spain's Santander and Caixabank, international banks such as HSBC and Credit Agricole, and funds specialised indistressed debt like Elliott Management and KKR Credit.
The deal offers lenders the option to convert 70 percent ofoutstanding debt to equity and refinance the remaining debt oversix years in return for 40 percent of the restructured company.
It will also be granted much needed liquidity, as a cashcrunch since the beginning of restructuring talks has meant manyworkers have been left unpaid for months at a time. ($1 = 0.9189 euros) (Writing by Paul Day; Editing by Alexander Smith)