Abengoa has once again sent the CNMV the offer made by the US fund Terramar, an operation that it reported two months ago and which would involve the contribution of 200 million euros by said fund. The company has informed the markets supervisor that Terramar has made a “final offer”, while the one presented in March was non-binding.
The eventual operation would consist of providing financing for 200 million, a part in the form of a loan (part as a provisional line and another part as an ordinary loan), accompanied by a capital appeal. The offer, in any case, is conditional on the contribution of 249 million euros by SEPI, within the direct aid plan for companies, and the contribution of 300 million euros in guarantees from the banks.
The offer is launched not on Abengoa but on Abenewco1, a company that would group the group’s assets. A scheme that has caused the rejection of minority investors, grouped in the AbengoaShares platform, which accounts for more than 15% of the listed parent. Ramón y Cajal Abogados, meanwhile, pilots the rescue plans of the company, which does not have much time. It has postponed until May 21 the maturities of the debt instruments with the suppliers of the group headed by Abengoa Abenewco 1, a term that initially expired at the end of March and which was extended until May 7.
However, the plan has already stalled weeks ago, given the doubts of both the public administration and the bank union. If successful, the operation would give Terramar 70% of the capital of the new Abengoa.
In February, the company requested bankruptcy for the parent company, waiting to attempt a rescue through Abenewco 1. This was prompted by the banks’ decision to withdraw the waiver (non-aggression agreement), which they had extended to the firm since they agreed to bail out the firm in August. Then they agreed to the injection of more than 500 million, with the endorsement of ICO and Cesce, plus 20 million contributed by the Junta de Andalucía. The autonomous institution finally decided not to subscribe this amount, which ended up making the agreement fail and opened the door to plan B led by Terramar.
In addition to Terramar, the Mexican group Amodio, which already controls OHL, has expressed interest in the Andalusian group. If there are no movements, the company is one step away from starring in the second largest bankruptcy in Spain. Abengoa’s liabilities at the end of 2019 were around 6,000 million, behind the 7,200 million of the bankruptcy of Martinsa Fadesa.