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Abengoa negotiates his rescue against time trial just two trading sessions of the contest

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Abengoa negotiates against the clock a agreement that saves you from bankruptcy. You must do it quickly since it was the same company that set the deadline of July 14. If that day you do not get a deal with banks, bondholders and commercial creditors, the bankruptcy door will open.

In this way, the Sevillian company sees only two trading days ahead in which the future of a company that five years ago managed to save itself from bankruptcy, precisely, after reaching an agreement that meant a millionaire took away from the banks.

PROPOSALS

In recent days, negotiations have accelerated, according to sources with knowledge, but without reaching an agreement regarding the removal, since the company's approach was to propose that it reach up to 90%.

It should be borne in mind that almost all large Spanish financial institutions play in this game, such as BBVA, Caixabank, Santander, Bankia and Bankinter. At the end of 2019, according to unaudited company data, Abengoa's gross financial liabilities reached 5,948 million euros and, of these, 4,000 million with short-term maturity.

To his commercial creditors, to whom he owes more than 1,200 million, He has proposed to keep part of what the company can enter with international arbitrations. that has pending resolution. Among them, the one who keeps Stockholm court against Spain for the ‘hack’ to the remuneration of the renewable of 2012 and valued at 1,000 million euros.

In addition, Abengoa has urged the State to come to the rescue, through a new liquidity line of 250 million euros over five years, through the ICO; as well as lines of guarantees 'revolving' for 300 million that would be managed through Cesce. Also, according to 'El Confidencial', he has requested the support of the State Society of Industrial Participations (SEPI), via injection of funds.

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