Abengoa has been unable to resist any longer in a crisis that erupted five years ago and on Monday afternoon it requested bankruptcy. With millionaire debt that has dragged on for years, he has thrown in the towel after negotiations for the financial restructuring of Abenewco 1, the company that has the bulk of the business, failed over the weekend. Debt exceeds 6 billion euros (at the end of 2019 it already amounted to 5,990 million), which makes this process as one of the biggest bankruptcies of the financial history of our country.
After years of bailouts, restructuring agreements and deferral of payments, this time he was unable to get the creditor banks to give him the necessary consent to extend the deadline for the closing and execution of the restructuring agreement that was reached last August. The plan involved the injection of up to 500 million, in liquidity and guarantees with guarantees from the ICO (Instituto de Crédito Oficial del Estado) and the Cesce credit insurance, in exchange for the transfer of all the assets to the Abenewco company, controlled by the creditors .
Now the Minority shareholders, who have already managed to dismiss the board of directors led by Gonzalo Urquijo to stop the agreement, urged the Government on Tuesday to negotiate with the new council, after the March 4 meeting, to stop the rescue and seek new alternatives. In a statement, they have once again expressed their “willingness to negotiate and inject up to 30 million in the business subsidiary” and point out that the bankruptcy “may aggravate the situation and lead the company to its liquidation”, something “undesirable” for all parties involved.
But at this extraordinary meeting there will be more issues on the table. As the disapproval and dismissal of the current council on the part of the minority, who recalled that “they have never had our support since they were elected and they did not allow access to the executive elected by the receivership.” In the statement they show their support for the 14,000 professionals that make up the company, 3,000 of them in Spain, the majority in Seville, and call them “highly qualified workers in a key sector such as renewable energy and the water cycle.”
In this same sense, the Federation of Industry CC OO stood, which showed its «Maximum concern» about the situation in which the 14,000 jobs remain before Abengoa’s bankruptcy declaration. “It is not a new situation, but for months we have been aware of the financial problems that the company is dragging on, it does not stop awakening the maximum alerts from the union,” they explain.
For this reason, they hope that “the pertinent mechanisms” will be found to provide the pertinent solutions that guarantee employment and “avoid the loss of value” of the company. “Employment, in terms of its volume and quality, are, have been and will be the CCOO de Industria’s main concerns in a process, which due to its seriousness and complexity, we must analyze with the passing of events, without giving up none of the actions to which as a union we are entitled, “they say in the statement.