The creditors of one of the tranches of Abengoa’s debt agreed in the 2017 rescue, for about 170 million of the subsidiary with the valuable assets, Abenewco 1, have extended for the umpteenth time the waiver (the bull that allows you not to pay the liability) until next June 30. The parent company, in bankruptcy since February and has been unlisted since July 14 of last year, has communicated this to the CNMV.
Abenewco, the operating subsidiary of the Abengoa group, obtained on May 22 the extension of the expiration date of a syndicated liquidity line contract and a bond issue, both from March 2017, until this Friday, June 11. Now it is extended until the end of the month.
Abengoa fights tooth and nail to avoid bankruptcy. And it has allies in the battle who are trying to alleviate its tortured balance sheet, such as Terramar, which on May 17 presented its binding offer to the CNMV for the company with the contribution of 200 million euros between loans and capital.
The Amodio offer, for the same amount and with the support of the minority groups grouped in AbengoaShares and the firms EPI Holding and Ultramar Energy, was never presented in a binding manner. Although, financial sources indicate that both the shareholders’ union and the energy companies are looking for an alternative partner that allows them to go ahead with their proposal.
The last word will be from the Government. There will be no type of rescue without the SEPI, which must contribute 249 million, the ICO and Cesce, which have to shield about 300 million euros between guarantees and liquidity to make the rescue possible. California-based Terramar would get 70% of Abenewco, with the remaining 30% going to creditors, according to the latest roadmap of the US fund.
The preliminary proposal involved the injection of Amodio and Ultramar EPI of a total of 32.5 million euros in capital: 25 million directly and another 7.5 million through convertible bonds in two years. These investors would also lend 135 million.
The role of minority shareholders was limited to the injection of capital, in the same terms as those proposed by the other rescuers. Thus, the Amodio group, Ultramar EPI would keep 35% of Abenewco and the receivership would have the same percentage.