World

Abengoa sends all documentation to Sepi to rescue Abenewco for 249 million | Economy

Abengoa has requested the help of the State to guarantee the viability of a company that employs more than 5,000 workers. The Sevillian company has submitted all the documentation required by the State Industrial Participation Society (SEPI), the industrial arm of the Government, to access the rescue of its operating subsidiary Abenewco for 249 million euros, as announced by the company on Wednesday. The public entity has until June 30 at most to give the green light to the operation, which also implies an injection of 200 million euros by the Californian fund TerraMar Capital.

Abengoa, parent company of the group in bankruptcy and under bankruptcy administration, has informed the National Securities Market Commission (CNMV) on Wednesday that SEPI already has all the necessary information to analyze its request for rescue. The public entity, with other operations pending approval, must study the case with maximum speed, since on June 30 the flexibility that Brussels has given to countries to grant State aid expires and the Government subsidy program expires.

According to the company, Abenewco’s board of directors, which met yesterday, agreed to sign the term sheet and the restructuring agreement with the Terramar Capital fund, which has submitted the only binding offer for Abengoa’s operating subsidiary. The operation, specifically, will have three legs. The first consists of injecting liquidity into the company in the short term through the 249 million euros expected from SEPI and another 200 million from TerraMar. Of these, 140 million will be given in the form of a loan and another 60 million in capital.

The second pillar consists of a new line of guarantees for a maximum of 300 million euros that should allow the needs of the Abenewco 1 group to be covered in its business plan until 2027. In the communication sent to the CNMV, the company admits that these Loans are pending signature by financial institutions. The third and last one has to do with the conversion of credit instruments into capital. Only after this step, according to the text, will TerraMar disburse the 60 million capital, which will give it control of 70% of the share capital of Abenewco 1. The offer also includes the possibility that Abengoa shareholders may participate in the investment together with TerraMar under the same conditions and up to a maximum of 20 million euros, but only if they can contribute a minimum of 5 million.

He knows in depth all the sides of the coin.

subscribe

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button