Abengoa's board of directors today announced to investors that if it does not reach an agreement with its creditors, it has liquidity to continue operating for 14 days before requesting bankruptcy with a negative equity of 388 million euros.

The group has sent the National Securities Market Commission (CNMV) a statement that is actually a kind of auto-ultimatum before starting a bankruptcy process like the one in 2015. For now, the Andalusian company of energy and engineering has already stopped paying half of the payrolls for the month of June to its staff.

The company is in negotiations with the banks - led by Santander - to achieve an express refinancing of its debt with the collaboration of ICO and Cesce. The plan designed by the board of directors seeks to obtain a new loan of 250 million euros and guarantees for another 300 million to carry out projects in progress or awarded, as well as different deductions in its debt issues in the hands of funds or overdue debt with suppliers.

In exchange, Abengoa commits to carry out a new snip of its costs on sales and to focus its business on the design and elaboration of engineering projects for third parties.

The company has informed the financial supervisor that it is unable to publish its final accounts for the year 2019, as it is unaware of whether it will be able to continue operating beyond the summer. That is, if you can apply the going concern accounting principle that would allow you to balance your balance sheet.

"In order to inform the market about the time frame that the board considers reasonable so that uncertainties can be cleared and in view of the liquidity situation of the company, the Board has established a maximum period until next July 14, when, if the probability of success of the planned actions has not been specified, it will adopt the measures that are legally appropriate, "concludes the information sent to the regulator.

According to the criteria of The Trust Project

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