Abengoa’s board of directors has put black on white in a document sent to the CNMV the situation of the company and the negotiations to launch its rescue plan. The company has vindicated this plan, which means that the creditors take over the assets of the company, against the group of minority shareholders AbengoaShares who have tried several changes of hand in the company and threaten its achievement. He accuses them of “having personal incentives” so that this plan does not start and goes against the social interest of the company.
“AbengoaShares shareholders have adopted agreements and instructed the Board, in an attempt to improve their position, this attempt being clearly contrary to the interests of the shareholders in general, given that if the restructuring plan is not executed and the company Upon liquidation, their expected position is infinitely worse than that conferred by the execution of the plan, since their participation in the liquidation process would be nil. Since they are not personally liable for corporate debts, they could have incentives to adopt decisions that cannot be executed. or in their own interest, but to the detriment of the social interest and, in this case, clearly harmful to the creditors, as a form of pressure on the latter to obtain better conditions in the financial restructuring to the detriment of third parties, “the document indicates.
It all dates back to the shareholders’ meeting in November 2020. In it, this group of shareholders managed to hit the table and fire the Abengoa board, led at that time by Gonzalo Urquijo. They are directly opposed to the so-called Vellocino plan, designed by the company and its creditors (led by Santander and KKR). It involves transferring all of Abengoa’s assets to Abeneco 1, controlled by the creditors, in exchange for a contribution of 350 million guaranteed by the ICO and 20 million plus the Junta de Andalucía.
But this group of shareholders no longer support the council that emerged after that summit, Juan Pablo López Bravo, Margarida de la Riva and Jordi Sarriás. They have called another new meeting for March 4, in which they hope to promote Clemente Fernández, former president of Amper, as the new president. And that is this the one that looks for a new agreement with the creditors.
The company claims it won’t be that easy. It warns the minorities that if this refinancing agreement is frustrated, the situation “would be worse.” It considers that the instructions given by the shareholders “harm all the creditors” of Abengoa, who could convert their bonds into shares and exercise their guarantees over Abenewco.
Thus, Abengoa considers that the minority claims are “illegitimate” and that they lead the company to bankruptcy and liquidation. And that the administrators who put them into operation would incur “criminal, bankruptcy and civil liability” for damages to creditors.