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Abengoa does not get support to extend the refinancing firm and will hold a council “immediately”

Abengoa has not succeeded in getting financial creditors to grant the requested consents in order to once again extend the deadline for the closing and execution of the restructuring agreement, according to the firm’s communication to the National Securities Market Commission. The company has been in pre-bankruptcy since mid-August and now the board of directors will hold a session “immediately” to make the corresponding decisions.

The company filed for a creditors’ pre-bankruptcy in August of last year. The multinational still has 14,000 workers. In 2019 the group had a turnover of 1,493 million, while in 2012 it had reached 7,000 million.

Until last February 19, according to Europa Press, the closing period for the operation has been extended as the necessary consents to this effect have been obtained at each possible expiration. Meanwhile, he was looking for possible alternatives in the face of the non-contribution of 20 million euros by the Junta de Andalucía.

However, the company has explained that since no new consent has been obtained for the extension of the term, the restructuring agreement has been automatically terminated, so that the financing operation can no longer be executed.

In this way, given that the automatic termination of the restructuring agreement causes that the consents related to the postponement and waiver of payment of certain interests as well as the ‘waivers’ and restrictions established in the agreement regarding the current financial and debt instruments, Abengoa’s board of directors will hold a session “immediately” in which, in compliance with its fiduciary duties, it will make the decisions that correspond to it to protect the interests of Abengoa and its group of companies, also bearing in mind all its stakeholders.

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