Hard Felguera wins time. Waiting for a definitive decision on whether to capitalize on the loan of 100 million granted after the pandemic, The SEPI has given its support to the Asturian group to extend for three months plus the preoccove of creditors in which he is immersed. The kick to follow It arrives after the company’s dome trip to Algeria to try to reach an agreement with Sonelgaz for the dispute of 413 million that has opened it and that having an unfavorable result would mean the bankruptcy of the company.
The organization with headquarters in Gijón on Monday communicated to the National Securities Market Commission (CNMV) that has obtained the compliance of 96.5% of the creditors potentially affected by the restructuring. To practice, that involves the 120 million granted by the SEPI -100 of a participatory loan and another 20 of an ordinary loan- and the 6 million of the Principality of Asturias. Banking is practically no exposure to the firm, beyond the guarantees granted.
The Felguera Hard Petition to the Commercial Court number 3 of Gijón It is covered in one of the possibilities of the bankruptcy law, which allows for three months to extend the preocconduct period- it works on March 11- if it is done with the conformity of the creditors.
The support of the SEPI arrives after the decisive board of directors last Wednesday, in which the public holding company promised to maintain the necessary financial support to deal with the payrolls and day -to -day expenses. In return, a business plan is still waiting for the company’s possibilities. The consequences of capitalizing the liability due to the precedent that this can mean due to future difficulties of rescued companies.
The Survival of Hard Felguera, however, happens yes or yes to reach an agreement in Algeria that saves the payment of the 413 million required by Sonelgaz for the breaches in the construction of the Djelfa Central, to the north of the country. The process is settled in the Algérienne of Commerce et d’Ust industr (Caci).
In parallel, the company’s dome traveled to the African country to meet with Sonelgaz representatives in search of a negotiated solution that “does not endanger the viability of Hard Felguera.” The mission should be reduced to Sunday, but the conversations have been maintained since then without any progress, for the moment.
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