The Competition Of Arbangoya Creditors Authorized By Justice

2021-02-26   |   by CusiGO

The third chamber of the Commercial Court of Seville approved the creditors’ voluntary bid requested by the board of directors of abengoya last Monday, after announcing that creditors did not agree to extend the deadline for the company’s third bail-out. Judge Michelangelo Navarro Torres also suspended shareholders’ meetings scheduled for March 3 and 4, where minority shareholders plan to replace the current board of directors and appoint Clemente Fernandez as chair.

The judge took this interim measure at the request of abegoya, who was represented by Ramon and Cajal, Understanding that decisions to be taken – “the retirement and termination of the current board of directors and the appointment of nominees” may also “have a decisive impact on the direct development of the entity and adversely affect its property status, In addition, considering the differences over the future, the partners have publicly stated that “according to the content of the car. The decision will remain in force “until the insolvency representative is appointed, accepts his position and is able to attend a meeting so relevant to the interests of creditors”.

In the order, the judge said that abengoa “shall retain the power to manage and dispose of his property subject to the intervention of the official receiver in the exercise of those powers.”. The court has filed a competition statement with the national securities and Exchange Commission (cnmv) and asked the regulator to appoint its insolvency representative. Now, cnmv has to start a trial to appoint one or more managers.

The technology company has been a pioneer of creditors since 2020, establishing a link between two failed rescue plans, eventually closing one and providing 230 million euros with the support of ICO, With the support of the European Economic Community, it will provide a guarantee of 300 million euros and recover 50% of the debt from financial creditors. The opposition of minority shareholders, united under the leadership of the abengoyasaray Union, which owns 17% of the share capital, and they want a larger share in abengoyasaray’s parent company, forced Gonzalo Urquijo to resign as chairman of the board of directors, who had negotiated the latest rescue plan.

Analysts believe that the shareholder war prevented the achievement and implementation of the third bail-out. The judge also stressed this point in the order: “we certainly believe that such an act, as well as the possibility and persistence of such an act, together with the tone of problem confrontation that can be identified in the media at present, has nothing to do with this kind of social development, but also has nothing to do with it In terms of procedure, it may have an adverse impact on its orderly development, because it has made people feel that there is at least one change in business and management, which is also ignored and uncertain in terms of property, Within a similar scope of possible procedural intervention. ”

On Thursday, Fernandez attended the meeting at Seville’s headquarters in abergoia, Palmas Alta, offering the necessary guarantees to replace the Council currently chaired by Juan Pablo Lopez Bravo and Margarita de la Riva. There, Fernandez objected to the possible suspension of the shareholders’ meeting, saying it “would set a dangerous precedent for listed companies.”.

Abengoa’s debt is $6 billion, the largest deferred payment by a Spanish company since the 2008 financial crisis. The actual liabilities of the company are unclear as the company has had no results since the first quarter of 2020. The group has 325 subsidiaries, some of which are also involved in other competitions. The company was suspended in July last year for failing to file its accounts for 2019, which is an infringement, has been sued, and was dissolved because of its negative equity of 388 million euros, which will complicate SEPI’s ultimate bail-out.

Representatives of abnegoa’s trade union committees called a rally of the group’s other workers next Tuesday, demanding that their work be guaranteed in any future rescue plan. The event will be held from 13:00 to 13:30 outside the Palmas Alta campus in Seville, where the Manifesto will be read.

Laura Rodr í Guez, chairman of the abengoa energy working committee, explained: “there is a lot of uncertainty because we don’t know what impact the new feasibility plan will have on us, even though we don’t know about other people.”. It can’t be ignored that this company is a global leader in desalination and solar projects, and there are very good professionals here, “Boda said.