Abengoa confirmed this Friday that it had received a non-binding offer to buy the group’s operating subsidiary, Abenewco, from the AbengoaShares platform, together with the Mexican family Amodio, OHL’s first shareholder, and the Hong Kong energy company EPI. In a statement to the CNMV, Abengoa indicates that it has agreed to give instructions for its referral to financial creditors, while indicating that the company will analyze it.
The proposal, which competes with the one proposed by the company itself in which the Californian fund TerraMar would participate with the contribution of 200 million, which would allow it to control 70% of Abenewco, is planned in two phases.
In the first phase, the new investors would contribute € 35 million in guaranteed loans and € 15 million in optionally convertible bonds. 50% of those bonds would be covered by the shareholders’ receivership, led by Clemente Fernández, former president of Amper.
The second phase, once the approval and agreement for the contribution of the 249 million requested to SEPI has been confirmed, plus the aid in guarantees and guarantees from ICO and Cesce, the partners would complete the contribution with 100 million euros in loans and 50 million in capital to carry out the capital increase that would grant 70% of Abenewco 1 shares to the three shareholders.
Thus, the current Abengoa shareholders will control 35% of Abenewco, instead of the 2.7% that was raised in the plan signed on August 6 and which AbengoaShares has repeatedly opposed. In exchange, they would inject 25 million into the capital increase and 7.5 million through the convertible bond. The other 35% would go to Amodio and EPI Ultramar Energy, which would contribute the same amount of capital.
In conclusion, the offer would involve the injection into Abenewco 1 of 135 million euros in loans and 65 million in shares and convertible bonds. On February 22, Abengoa SA requested the bankruptcy of the parent company, which, if extended to the entire group, would represent the second largest Spanish bankruptcy, with a liability of 6,000 million, behind the 7,200 million of Martinsa Fadesa in 2007 .
Since March last year, the company and the creditors have tried various formulas to avoid bankruptcy. If finally there is no rescue, the current bankruptcy of the parent will be expanded to the rest of the subsidiaries, including Abenewco. Here there would be, essentially, two options: that an agreement is reached to protect the essential activity of the engineering group, or the liquidation through the chopping of the productive assets for sale and pay the creditors, both financial, with guarantees, and commercial. EY captains the matrix contest.
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