Madrid, Jul 13 (EFE) .- Abengoa negotiates “in extremis” with the ICO -the Official Credit Institute- and with the Andalusian Government to receive some 70 million euros, to which 180 million more would be added than the banking, and thus avoid bankruptcy, according to sources close to the talks.
Pending to know how the negotiations conclude, Abengoa has risen 14.44% this Monday on the Stock Exchange, up to 0.010 euros per share.
Apart from the 300 million in guarantees that the group requested in recent weeks, it needs 250 million in liquidity and it is precisely this financing that it is trying to close before July 15, the same sources explain to Efe.
Abengoa has held talks for months with its main creditor banks: Santander, Calyon and Bankia, which from the outset would be willing to continue supporting the multinational.
However, since these were large amounts, it was concluded for more than a month that the operation would be easier if the company obtained the support of other banks and also the rest of creditors, including the State itself, to through the ICO.
The public entity could act directly financing the company, just as it has participated in other loans to large companies, and the Andalusian Government could join the operation with the aim of obtaining Abengoa 70 million euros.
Cesce, the company that manages export credit insurance on behalf of the State and provides solutions for managing commercial credit, could also do so.
Those negotiations continue, the sources consulted emphasize, but it is key that they come to fruition so that the company gets 180 million more from the banks, not only from its creditors, and thus reaches the 250 million financing it requires.
Abengoa itself gave itself until Wednesday, July 15, to close its refinancing, and in parallel tries to reach agreements also with bondholders and suppliers.
At the end of 2019, Abengoa had more than 14,000 employees worldwide and had increased its sales by 15% year-on-year, to 1,493 million euros.
Furthermore, thanks to the fact that its operating profit or EBITDA had grown by 60%, to 300 million, its losses were reduced by 65.5%, to 517 million.
Abengoa’s financial debt was close to 6,000 million euros, exactly 5,948 million, after growing 5% in 2019.
The company has been in trouble since 2015, when it was about to star in the largest bankruptcy in Spain, although it avoided it after renegotiating its debt, then close to 9,000 million, and which it has refinanced several times and has managed to reduce with the help of the sale of assets.
(c) EFE Agency