Abengoa soars more than 40% on the stock market to meet its expected viability plan – Yahoo Finance Spain

MADRID, 25 (EUROPA PRESS)

Shares of Abengoa stock market soared more than 40%, leading the market rises Spanish, waiting for the board of directors approved today the company’s viability plan under which the group intends to establish a roadmap for their future.

Specifically, at 12.21 hours on A titles Abengoa rose 40%, reaching above the altitude of 0.5 euros, its highest since late last year.

Meanwhile, shares Abengoa B, the greater number listed on the market but have less voting rights than Class A securities also recorded a rise of over 36%, to reach 0.216 euros.

The board of directors of Abengoa give its approval to a plan, developed with the support of the consulting firm Alvarez & amp; Marsal, which will reduce its size and focus on activities of construction, engineering and innovation, which wants to build its business revival.

This roadmap for the company must have the approval of all parties involved in the group’s future: creditor banks and bondholders. “The solution must have the consensus of all creditors, since Abengoa worth running if entering contest,” sources told Europa Press sources involved in the negotiations.

And that consensus between all parties will be required for the group project succeed, because the plan to boost New Abengoa contemplates a company 50% smaller in terms of gross operating profit (EBITDA), with a turnover 60% lower to about 7,700 million euros a year and admitted debt of between 3,000 and 4,000 million euros, compared to nearly 9,000 million today, according to the draft plan in which the company works.