Abengoa has once again extended the deadline to close the restructuring plan.
At the end of this Thursday it has communicated to the National Securities Market Commission (CNMV) that, once the necessary consents have been obtained for this purpose, the term has been extended until November 17, 2020 "with the aim of giving an additional period of time for the Junta de Andalucía to provide the commitment of financial support ”of 20 million euros.
This is the only condition that does not depend on the group and is still pending.
The company reiterates that this new delay significantly impairs the continuity of the businesses of Abengoa Abenewco 1 and its group, which are limited in their possibilities to access new contracts and to comply with their current obligations, thus delaying the closing it must come to an end.
Therefore, if on November 17, 2020, there is no certainty as to the possibility of proceeding with said closure in the following days, the Board of Directors of Abengoa Abenewco 1, “given that the viability of the group It will be seriously committed and, in accordance with its fiduciary duties, will make the decisions that correspond to it, in accordance with its fiduciary duties, to protect the interests of Abengoa Abenewco 1 and of all its stakeholders ”.
The new expansion represents another turn of the screw, since since September 29, when the first period to close the salvation plan ended, deadlines of different amplitudes have been given always with the same warning that if they did not receive the 20 million the company was doomed to bankruptcy.
However, the deadlines have been met successively and the last decision has never been made in the hope that an agreement will be reached.
The company has even threatened the Andalusian Government to move the headquarters to another community, while it maintains that it does not find the formula to deliver the 20 million of the controversy.
One of the possibilities, which is becoming more and more feasible, to avoid the suspension of payments, is that the amount that remains to close the plan comes from the financial creditors and not from the Junta de Andalucía, whether or not the aforementioned is met threat of removing the company from Andalusian territory.
The infrastructure and energy firm, the first in Andalusia with 3,000 workers, generates 5,000 indirect jobs, but its situation is delicate: it has made several term extensions of seven or 15 days since this third restructuring plan was presented.
In any case, any agreement would have to receive the approval of all those involved;
that is to say, the bank creditors and the Government, which participates through the ICO and Cesce, as well as the suppliers.
The group faced a restructuring plan in 2017 in which a debt write-off and recapitalization of 7,000 million euros was carried out.
Later, in 2019, in a second reconversion, another 3,000 million were capitalized.
In total, a reduction of 95%.
Now, in this third restructuring, it has agreed to finance 230 million with a 70% ICO guarantee;
lines of guarantees of 300 million with support from Cesce;
removes 50% of the debt with financial creditors and a solution for commercial debt with suppliers, who are offered 5% of the cash flows and funds from the sale of assets.