Abengoa says he has no money to pay salaries February – Financial Journal

Expansion, Spain

The president of Abengoa, José Domínguez Abascal, told his workers that, for the moment, has not achieved the necessary liquidity to pay salaries for February, but hopes that “in the coming days” to resolve this issue.

in a letter to employees, which had access Europa Press, Dominguez Abascal pointed out that “unfortunately the efforts he is holding Abengoa to get the liquidity necessary for payment of all wages February they have not yet result. “

While recognizing that it is” aware of the serious damage “this causes a large number employees of Abengoa, Dominguez Abascal expected “in the coming days we can solve,” so that workers be informed to indicate the date on which the payment will occur.

it also reminded them that find “the stretch” to close a preliminary agreement for the financial restructuring of Abengoa, to what Domínguez Abascal confident that will be able to achieve “in the coming days” and that from it “can guarantee the future viability of Abengoa “.

the company is negotiating with its creditors, among which in addition to banks and bondholders, including aseguradoras- refinancing plan including new liquidity lines and

guarantees, which could total nearly 2,000 million euros (about US $ 2,294 million). Specifically, you need a billion euros (about US $ 1,102 million) to meet daily cash requirements and more structural to relaunch their business. It has also offered to stay with 95% of the company in exchange for assuming remove up to 70% of its now more than 9,500 million euros (about US $ 10,471 million) corporate debt.

Dominguez Abascal thanked the “work and commitment” of workers and regrets “deeply” has been reached “to this situation that I hope will be soon.”

the timetable for reaching an agreement with the creditors has entered a critical phase. On March 28 there must be an agreement to present to the court and avoid competition and, predictably, the liquidation of Abengoa

.