With barely six million euros in cash, any injection of liquidity stands as a lifeline for Duro Felguera. The listed Spanish company, in pre-bankruptcy proceedings since last week, is suffering from financial tensions that could have been less if the collection deadlines for its stake in the Australian Ausenco had been met. The group expected to receive the amount, between 17.5 million and 21.5 million, in 2024, but it already assumes that it will not be until next year when it will receive the money.
The reformulation of the accounts to which it has been forced by demands of the National Securities Market Commission (CNMV) attests to this. In the original financial statements, Duro Felguera expected to close the operation during this year. However, in the new document presented to the stock market regulator, it already admits that the expectation is that it will close “throughout 2025.”
The operation dates back to September 2023, when the company today controlled by Grupo Prodi (55%) reached an agreement to sell 3.97% of the Australian Ausenco “with its completion subject to customary conditions”, but not yet They have been sealed.
Meanwhile, the firm chaired by Eduardo Espinosa continues to expect to receive between 17.5 and 21.5 million euros “depending on the evolution of the company’s working capital, the evolution of the exchange rate and certain contingencies included in the contract.” Duro Felguera has chosen to be conservative and value the stake at 17.5 million. However, it has been forced to delay the deadlines initially planned in its books.
Receiving the amount would have meant a boost in the final stretch of 2024. More so taking into account that cash is around 6 million euros and December payrolls reach 14 million euros, according to the sources consulted by this medium.
And Duro Felguera has already consumed the 120 million from the Sepi rescue and the 90 million injected by Grupo Prodi. The purpose of the pre-bankruptcy is to begin negotiations with creditors, both banks and suppliers and, mainly, Sepi, of “a restructuring plan for the Group, which allows its future viability and the conservation of the greatest number of jobs possible.”
The Duro pre-contest
In an internal note sent to the staff to which elEconomista.es had access, Eduardo Espinosa explains that “a viable company structure will now be considered, which protects the interests of Duro and its employees. In addition, the first executive of the listed company He assured that he “firmly” believes that there is a solid future. “We have the necessary talent, solid projects and a client base that trusts us,” he said.
The firm also said that the declaration of the pre-bankruptcy “represents the formal opening of a negotiation window with the different creditors.” Thus, the ball now remains mainly in the hands of Sepi, to whom the company owes 120 million. The banks already barely had weight in the liabilities of the listed company due to the constant haircuts and restructuring carried out over the last decade.
Meanwhile, the engineering firm will try to expedite the procedures to receive the 17.5 million from the sale of 3.97% of Ausenco, which would mean, at a minimum, an extra life for it.
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