Abengoa It has saved the necessary competition that a group of small bondholders requested from the company and its subsidiaries after reaching an agreement. The pact has supposed that the Commercial Court number 2 of Seville that takes the case has filed the case. According to the resolution, which exempts both creditors and debtors from paying the costs, Abengoa would have settled its differences with the bondholders, to whom Judge Márquez gave his reason in the proceeding to challenge the refinancing agreement, recognizing its right to be reintegrated the amount of the bonds, which amounted to 10 million.
According to legal sources, the judge's order was set up on November 30. Sources of the company have been referred to the agreement, although they have not specified the terms of the agreement. On the other hand, Ángel Zamora, a partner of the Zurbarán Abogados firm that has negotiated the recovery of the investment for these bondholders, has declined to comment on this matter. This group was formed by about twenty individuals, including the Fernández de Bobadilla and Melgarejo families. The agreement reached clears a shadow of insolvency and the company chaired by Gonzalo Urquijo achieves an advance towards the path of normalcy.
The necessary competition was requested on September 25, 2017 by the bondholders. Judge Márquez gave them the right to recognize that Abengoa wanted to impose "a disproportionate sacrifice." The creditors filed the necessary bankruptcy petition on the day the judgment was notified, in fear that the next step of Abengoa would be the voluntary bankruptcy application itself or a new refinancing. Either way, it would have made it difficult to collect your credits. However, the necessary competition sought the protection granted by the Insolvency Law to the creditor who requested it.
But saved this match ball, is still pending to resolve the demand that is that it is greater amount presented by other investors, most of them international, who also did not sign the refinancing agreement and also asked for the return of their investment. According to the plaintiffs, the nominal amount amounts to about 145 million, which would have an incremental impact of the debt of 72 million, as recognized by the company at the time. The main claimants are the insurance Zurich, Portland General Electric Company and Export-Import Bank of the United States.
At the time, Abengoa obtained an exemption (or waiver), so that the main banks and funds that recapitalized the debt committed themselves so that the payment was not considered a reason for termination of the agreements. So he communicated it to the CNMV. The company admitted that the debt claimed exceeded the provisions of the plan, so the advance payments would place it in a limit situation.
The company sent the judge two writings, one of "clarifications" and another of "complement", to determine the exact amount to be returned and if it was possible to ascribe the claimants to the less harsh option of the viability plan, which includes withdrawals from the 70 % instead of 97%, something that the judge rejected. But the problem is that if they recognize the more than 200 million claimed by the creditors and not the 72 that she recognizes, she would be settling in an erroneous assumption. And if he does not pay, he would be faced with an objective budget of necessary competition, to which he would be forced if any creditor urges him. Another option, according to legal sources, would be to request again the application of article 5bis (the pre-contest of creditors), which would imply four more months to negotiate.
M. Á. N.
The delay of income and, above all, the difficulty to close the debt refinancing agreement with the pool of guarantors has caused that Abengoa has had to postpone the extraordinary Christmas pay. However, he has assured the unions that it is a temporary and exceptional issue that he expects to resolve before the end of January. The monthly payroll amounts to about 25 million euros and affects about 14,000 employees. For that date, he also hopes to have convinced CaixaBank to participate together with Santander, HSBC, Bankia and Crédit Agricole in the provision of guarantees for 140 million, of which 50% is supported by Cesce.