Abengoa expects this week to get the liquidity it needs 165 million until March – Yahoo Finance Spain

MADRID, 31 (EUROPA PRESS)

Abengoa expected to deliver this week the liquidity of about 165 million euros needed to cover needs of the company during the period preconcurso creditors, which expires on March 28, according to Europa Press by people familiar with the negotiations.

This new liquidity is currently negotiating with bondholders , but you must also have the approval of the bank, as well as being linked to strong interest, has the condition for disbursement of share collateral held by financial institutions in Atlantica Yield (former Abengoa Yield).

With the negotiation of this facility, which “is on track”, the Andalusian group would have covered their day to day until the end of the period that extends the preconcurso.

Also, if the dealer does not finally agreed to share these guarantees in the ‘yield’, Abengoa bondholders could offer some additional assets as a bioenergy plant, pledged to close this new injection.

Also together with the liquidity, which would join the loan of 106 million euros received from creditor banks on 24 December, Abengoa could soon close a divestment, in addition to the already closed its former headquarters in Madrid, located in General Martinez Campos Street.

What we do completely rule Abengoa is selling its stake of over 41% in Atlantica Yield, considering it to be “strategic enough to not make a decision now. “

Abengoa submitted to its board of directors on January 25 its viability plan, which provides for reducing the size of the company and focus on the engineering and construction activities.

In particular, this new ‘roadmap’ a company emerges with income levels in the coming years on the order of two-thirds of those obtained in 2014, which exceeded 7,000 million euros.

The plan also envisages the sale of non-core assets, including all of first generation biofuels.

negotiating with your creditors.

Now, the company will proceed to negotiating with creditors on debt restructuring and obtaining the necessary resources in order to continue their activity.

This step does not appear easy since, to date, has not yet shown Abengoa the creditor banks the plan, although I intend to do so over the coming weeks.

In addition, banks have already indicated that entry did not provide any kind of reduction in debt, according to Europa Press in financial sources.

However, the company is clear that the agreement must be reached before the end of the period marked by the preconcurso creditor, since a bankrupt involve “a destruction of value for creditors Shareholders and far superior to any usual scenario, all without evaluating the enormous social costs that such a situation would mean “

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