Madrid (Reuters) – engineering company and renewable energy Abengoa (MC:) said Friday that it has convened an extraordinary general meeting of shareholders for the 22nd of November to endorse the agreements of its restructuring, achieved in September and re-launch the company with a new board of directors composed of seven members.
On a relevant fact, the company said that its remodeling will be accompanied by the unification of its shares of class A and B into a single class of shares.
The process of re-launching the company, which will be the largest industrial restructuring in Spain, will be directed by Gonzalo Urquijo as an executive director supported by six independent directors.
The convocation of the extraordinary general meeting, filed today coincides with the straight end of the process to the creditors of the company acceding to the convention and to support the plan of re-floating.
This plan should provide for new funds and guarantees to a company with the cash strangled and reduce its debt to less than half after a complex capitalization that would end up diluting almost entirely to existing shareholders.
At the end of September, Abengoa announced a loss of historic 3,700 million euros for the first half of the year. The company’s revenue fell 63 per cent in the period 1,215 million euros, while the net debt of the company exceeded the 9,000 million euros.
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