The minority shareholders platform AbengoaShares has asked the Government to negotiate with the new board of directors that arises from the shareholders meeting that they forced and that will take place on March 4 to relieve the current governing body of the company. This is explained in a statement after the announcement by Abengoa SA, the parent company of the group, of filing bankruptcy. The candidate of the group of minority shareholders to preside over the company, Clemente Fernández, has held different meetings with the works councils.
“They have been transmitted tranquility based on the experience in special situations that Mr. Fernández has,” says the note released by the group of shareholders, in which they add that different scenarios modeled by the bankruptcy are studied. In addition, AbengoaShares accuses the board of directors chaired by Gonzalo Urquijo (who was dismissed at a meeting held at the proposal of critical shareholders) and the one that succeeded him (the current one, chaired by Juan Pablo López-Bravo) of refusing to negotiate a less damaging agreement for suppliers and shareholders.
The group, which welcomes a good part of the minority shareholders of the historic Sevillian engineering company, affirms that this position aggravates the critical situation of the company. Specifically, it says that it is “the deadline”, as Abengoa is left without direction or exit in the hands of a board without experience in companies of this type or situations of financial crisis.
Proof of this, says AbengoaShare, is the voluntary bankruptcy requested this Monday. The group of shareholders believes that this movement will aggravate the situation until it leads the company to its liquidation, a situation that this group considers “undesirable for all parties involved.” In addition, remember that the current board of directors will be subject to disapproval and cease next Thursday at the extraordinary meeting that is called. That is, it has submitted the suspension of payments only 10 days before said appointment, in which they could be left without room for maneuver.
AbengoaShare also insists that the board of directors that Abengoa manages at the moment has never had the support of minorities. Despite this, the platform says that it remains willing to negotiate and inject up to 30 million in Abenewco1, which has been the head of all the group’s operating companies since 2017. The shareholders’ union also expresses its support for the 14,000 professionals that make up the company, who, as it recalls, are “highly qualified workers in key sectors”, such as renewable energy and the water cycle.