MADRID, 20 (EUROPA PRESS)
Abengoa will seek this week’s accession creditors to contract out or ‘standstill’ which allows the group to gain time to finish negotiations on its rescue plan.
Specifically, this contract expected implies that during the period of seven months, until October, creditors who adhere to it may not be request the contest or claim debts.
Abengoa directs this request to holders eleven bond issues in dollars and euros for a total of close to 4,500 million euros. The deadline for submission of instructions for the bondholders to join the agreement ‘standstill’ deadline is March 23 at 12.00.
In the case of other financial creditors, the company has enabled a procedure of contract signing before a notary closes on March 27.
in this way, Abengoa may submit to the Commercial Court number 2 of Sevilla on March 28, when the deadline expires the preconcurso to which hosted last November, needed to achieve this extension and to continue working on its refinancing plan documentation.
the group has the support of its viability plan, which was agreed last week by the banks so-called ‘G-7′ -reduced to ‘G-6′ after Banco Sabadell is apparent from its debt in the company- and an outstanding group of bondholders, 40% of creditors financial, percentage that has scored more adhesions.
Abengoa have to get adherence to the plan 75% of its creditors. Last Wednesday, the company already indicated that the deadline for achieving this could be extended if the company had before the March 27 backed the plan 60% of the financial debt.
In this case, the company would have additional time to develop the full document of the viability plan in detail and get legally signed 75% of the holders of the debt to Europa Press sources of trading.
tHE pLAN fEASIBILITY.
the group presented this week to creditors and bondholders its viability plan, which foresees a New Abengoa with a corporate debt of 4,923 million euros, 47% less than the 9,300 million euros at the end of 2015.
of this total debt, 3,740.3 million euros correspond to old debt and 1182.8 million euros to the new financing.
the group estimates that the new Abengoa, which should also appoint a new president and a new CEO in accordance with its new shareholder structure will be worth about 5,395 million euros.
according to the plan, Abengoa will receive an injection of some 1,500 million euros, within a maximum period of five years, which will be contributed mainly by funds Attestor Capital, Centerbridge, DE Shaw Group, Elliott Management, KKR Credit, Oak Hill Advisors and Värde that will put about 1,000 million euros.
REMOVING oF 70% oN OLD DEBT.
According to the restructuring plan of the company, current ationary will dilute its stake to 5 %. Entities that finance the loan will be entitled to 55% of the share capital of New Abengoa.
The restructuring agreement also involves a reduction of 70% on old debt amounting to about 8,462 million euros, to 2336.2 million euros, in exchange for 35% of the new capital.
on the other hand, to provide 800 million euros of guarantees that are requested will own 5% of new remaining capital of the company
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