MADRID (AFP) – The Spanish giant of renewable energy Abengoa announced Monday having obtained within seven months most of its creditors to restructure and avoid bankruptcy, which would be the largest bankruptcy ever presented in Spain.
the Spanish company, in great difficulties for several months, had until this Monday night to present at the commercial court in Seville (southern) agreement with at least 60% of those in possession of the group’s debt.
a 75.04% of creditors Abengoa accepted the proposal, thus avoiding bankruptcy.
“is a key step in the process of restructuring Abengoa and allows the company to carry out its plan economic and financial “viability, according to a company statement.
the Spanish group had proposed in mid-March to creditors to sign a clause call standstill (freezing process), which provides for a suspension of the anticipated sale of its shares for a period of seven months.
Lee: Abengoa analyzes downsize to avoid bankruptcy
“the contract standby or standstill will allow the company to suspend the exercise of certain rights of termination and early repayment of loans. Thus, Abengoa can achieve 75% of the necessary measures to obtain the final agreement adhesions, “the statement said.
The company ended 2015 with a debt of 9,400 million euros (10,400 million dollars). The plan foresees a reduction of this debt to 4,900 mde.
in late November, Abengoa declared preconcurso creditors, giving four months to solve their critical situation.
The group, with 28,700 employees and a significant presence in the United States and Latin America, presented in early February an adjustment plan that includes reducing its size and transfer assets to focus on engineering and construction.
a process that includes the United States
“Abengoa also present as part of the restructuring of the company, requests for Chapter 11, for those companies that are present in the US, and Chapter 15 for all societies, with the aim of extending protection and approval of the agreement in this country, “he said in reference to the figures of restructuring of companies in the United States.
the group boasted of being an economic miracle that had managed to go from being a family business who fixed electrical installations in the desolate post-war Spain in the 1940s, the company that built the largest solar plant in the world in the United States.
But the multinational, which reached record sales of 5,500 mde year, was the victim of excessive growth and in November presented a preconcurso creditors, with an initial period of four months to overcome the crisis.
The Spanish company, which had even managed praises US President Barack Obama, when he built his solar power plant in the Arizona desert, and recognized the need for urgent restructuring .
“Abengoa is already working hard to meet the objectives set out in the re-sizing of the company, providing it with the necessary financial security and provide the leadership and management that allow operational and financial development of the company’s potential, “the company said.
No comments:
Post a Comment