Abengoa manages support for debt restructuring and extension ask the judge – Investing.com Spain

MADRID (Reuters) – Abengoa (MC asked on Monday to the court to grant him an extension of the time required for a comprehensive restructuring of its debt, after getting convince near 75 percent of its creditors, according to an e-mail between company executives that by Reuters on Sunday.

“it has it reached 75 percent of accessions of financial creditors, needed 60 percent to submit the agreement waiting … Tomorrow at 9 am will be presented at the commercial court of Seville “says the electronic document that has circulated among the leadership of Abengoa in the last hours.

Abengoa spokeswoman declined to comment.

the percentage of accessions exceeds required by law to go ahead with the restructuring as determined by the judge. Abengoa asked its creditors this month that did not demand it for seven months anticipated debt maturities.

Tomorrow March 28 is the deadline of preconcurso of creditors and, if the judge agrees to the claims of Abengoa, the company will have to get still supported by three-quarters of the creditor mass in the next months to avoid the biggest corporate bankruptcy in Spain.

The engineering and renewable energy announced earlier this month a plan of debt restructuring that had the endorsement of 40 percent of the financial creditors, but to extend it to all the liability is required according to Spanish law a minimum of 75 percent, which would now close.

the deal would reduce its financial debt to 4,923 million euros from 9,395 million at the end of 2015 and would guarantee funding to overcome the current slump.

The creditors assume debt for equity swaps and removes 70 percent of corporate debt, leaving current shareholders with only 5 percent of the capital.

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