- See the Abengoa quote
- Abengoa Ultimatum: agreement with your creditors in 14 days or bankruptcy
Abengoa soars more than 60% on the stock market on Tuesday at the prospect of an upcoming agreement with its creditors to refinance the group's debt and avoid bankruptcy once again. In the absence of an official statement on the status of the negotiations, the CNMV has decided to suspend its listing at 1:30 p.m. to cut the balls and speculation about the value.
The Seville engineering and energy company had given itself until Tuesday, July 14, to reach an agreement with banks, investment funds and suppliers to restructure its liabilities and continue operating in the coming months.
The negotiations have been held in the strictest confidence, unlike other crises in which the company had been immersed. Within hours of the deadline, sources close to these contacts are "optimistic" to achieve a pact that would save thousands of jobs by avoiding corporate dissolution.
This optimism has triggered the group's shares on the stock market without it yet having officially communicated any news to the CNMV. Its last official statement is dated June 30 and constituted an ultimatum for all parties: either agreement in 14 days or bankruptcy.
A few weeks earlier, Abengoa had presented its financial survival plan to the market, which involved obtaining a new loan of 250 million euros and guarantees for another 300 million to carry out projects in progress or awarded, as well as various deductions in their debt issues in the hands of the funds or in past due debt with suppliers.
Banks want the State, through the ICO , to have a leading role in the rescue by covering the credit to the company. In this way, these entities reduce their exposure and risks in the Seville giant, which is not the first time that they are immersed in a liquidity crisis with their creditors.
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.
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