MADRID (Reuters) – The engineering group Abengoa and renewable presented Wednesday its creditors the viability plan that it hopes will prevent the largest bankruptcy in Spain , they said Tuesday three sources with knowledge of the situation.
Abengoa must reach an agreement on a restructuring plan before the end of March when creditors expires preconcurso to avoid a bankruptcy of the company based in Seville with a global liability could be around EUR 25,000 million (DEM).
“On Wednesday there is a new meeting with banks, bondholders, advisers and the company, “revealed one of the sources told Reuters
Read. Abengoa analyzes downsize to avoid bankruptcy
The scheme developed by Abengoa firm specializing in restructuring Alvarez & amp; Marsal, already in the hands of the board of the company since a week ago, will be analyzed in detail by KPMG, the consulting firm that mediates between banks and the company to offer a global solution to avoid bankruptcy.
Abengoa declined to comment.
Based on the plan, a source previously told Reuters that the company would reduce its corporate debt about mde 3,000 (3,300 million dollars), from 9,000 mde, which would mean that creditors would have to accept a loss of about 70% of its investment and debt for equity swap.
Abengoa forward, without elaborating, that it would sell all non-core assets, including biofuels, and will focus on the engineering and construction business with own or other technology.
It also aims to raise revenue in the coming years equivalent to two-thirds of the 7,151 mde billed in 2014.
The delay in the detail of the plan is starting to strain relations between the company and the bank, which remains in favor of divestments, debt capitalization and sustainable debt restructuring, but reluctant to assume take off, according to the sources.
Meanwhile, the clock is ticking and Abengoa new liquidity needs for their day to day until the end of March, among other things to keep paying its nearly 24,000 workers.
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The main bondholders group represented by Houlihan Lokey and they have a 40% about 5,000 mde bond Abengoa, are willing to inject about 160 mde if banks agree to share with them guarantees.
But banks still expect Abengoa this map Detailed debts before taking new decisions.
Every day that goes past dues to noteholders and suppliers increase. According to the latest data published by Abengoa, owed about 5,500 mde while negotiating with them how to defer payments.
A source with knowledge of the figures of the company said that by the end of March and would be defeated 800 mde.
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