Duro Felguera requests to extend its creditors contest after the negotiation fiasco with the SEPI

The Asturiana Duro Felguera wants more time to resolve her critical financial situation and avoid dissolution. This morning, the same day that the deadline for the first phase of the pre -conclusion of creditors to which it was hosted last December, the group has requested the competent court – that of the commercial No. 3 of Gijón – an extension of three months of that contest. The petition comes after the failure of negotiations with the State Society of Industrial Participations (SEPI) to make the actions the actions of the 120 million euros that the company received from the Solvency Support Fund for Strategic Companies in full pandemic.

As read in the statement sent to the CNMV, the application has the support of 96.5% of the creditors that can be affected by the restructuring and is accompanied by a responsible statement.

Getting the state intervention is the preferred option by the company-with the proposal to split the group into two companies, a division of services and another of complete construction contracts, as ABC already explained-, after Mexican investors Grupo Prodi and Mota-Engil, which currently have 54.66% of the company, have made it clear that they will not invest more.

Precisely, the entry of these two investors was one of the conditions imposed by the SEPI to unlock the rescue. However, the bad results presented in the first half of 2024, which showed some losses of 26.3 million eurosthey made clear the failure of the operation started in 2021. A few weeks before the presentation of these results, the group’s dome suffered a restructuring with the exits of its financial economic director, Raúl Sánchez, and its CEO, Jaime Argüelles.

The trigger for the presentation of that preoccious on December 11 was a request for arbitration filed by the Algerian Sonelgaz a few days before the Chamber of Commerce and Industry of that country. Exactly, the Algerian company asks the Asturian 413 million euros For the suspension of the contract they had signed for the construction of the Combined Djelfa Cycle Thermal Power Plant (Algeria), in addition to the reactivation of the works.