The Institute of Pension Jalisco (Ipejal) has the luxury of investing in projects that do not generate income.
Only investment in the Spanish company Abengoa made in 2014 by 603 million pesos and would have generated 79 million 742 thousand 500 pesos according to financial experts.
at an average rate of 6.75 percent (Tiee + 3) the balance would be 682 000 142 000 500 pesos, ie 3 million 397 thousand 500 pesos monthly interest.
MILLENNIUM JALISCO published yesterday that the Ipejal not be charged, at least in the short term, 70 percent of the investment made in the Spanish firm Abengoa .
It was in 2014 when the agency acquired debt bonds by the Spanish consortium stock certificates. Since then the institute has not received a weight for this investment and the way to get them will not be in the short term.
Abengoa closed last week a bailout agreement with its creditor banks and the funds for the week the restructuring of its financial debt and recapitalization.
As part of the agreement, the company will receive loans amounting to 1169.6 million euros, new lines of guarantees for 307 million euros and restructure its financial debt issued in European markets.
in the coming days the company will seek the backing of at least 75 percent of creditors to certify the necessary approval of the judge and the shareholders, their salvation.
the creditors have to choose between the two proposals contemplates the restructuring plan: a rebate of 97 percent of their nominal value, remaining 3 percent with a maturity of 10 years and no annual accrual of interest and no possibility of capitalization; or capitalize 70 percent of loans in exchange for a 40 percent stake in the new Abengoa, so that the remaining 30 percent of the debt will be refinanced through new instruments that will replace the existing and have the status senior or junior depending on whether such creditors participate or not in tranches of money or new guarantees.
the Moody’s rating agency said the agreement between Abengoa and its creditors for the restructuring of the group is positive for the credit rating of the company, but warns of “uncertainty” about the support they receive the proposal to reach 75 percent adhesion needs to avoid bankruptcy.
demand transparency
Guadalajara City Council demanded greater transparency in the negotiations that make the Spanish firm to recoup that investment.
“the truth is that we are very aware of the issue tracking them the issue in Mexico, we do feel that is different from Spain, in Spain creditors are having to accept this removes 70 percent, it seems that it is going forward have a few days for the firm to close it and if it would be diminished its debt by 70 percent, “said Juan Partida, treasurer of the City.
” Here the issue is that Spain to fulfill its commitments and especially being a subject of bankruptcy, was not facilitating resources generated here, all pulled to Spain and left no resources to pay in Mexico, the good news could be that this can speed up the resolution in Mexico because closing the legal issue in Spain and getting the company to work but a situation more unburdens the idea would be that you no longer need all the resources of Mexico and you can reach an agreement to start paying in the short term, here in the negotiations not spoken of a removed, there remains a high risk and we to be very aware of the situation especially once and negotiation table begins so that things happen the best way to Ipejal, and we are not pushing for the audit is done, “he said.
for this reason said that greater transparency by the directors of the institute on the management of resources is necessary.
“so when you go to sit down to negotiate with the company we are aware of all documentation to ensure that the agreement reached is as beneficial to Ipejal as far as possible, obviously protect the main investment, but not only this but also the interests and above all seek to enterprise start to pay as soon as possible, “concluded the official.
SRN
No comments:
Post a Comment