Abengoa: the queen of delays
Abengoa remains without a definitive solution and with all the problems to be solved almost four months after it was declared in voluntary bankruptcy. At the moment the first thing on the table is to delay headaches.
The first, that it has just postponed the maturities of its debt financial instruments. Payment to suppliers, which, as it has communicated to the National Securities Market Commission, is postponed until June 30, once it has already raised, at the beginning of the year, a delay until the 21st of that month. You have the approval of most of your creditors.
The second, the presentation of their accounts. It has also requested to delay its 2020 results, which it would have to present as a deadline on August 26. His Board had already requested to extend that term to the company’s bankruptcy administrator.
At the moment, there are fewer and fewer options on the table. In mid-May, the Amodio brothers, who control OHL, withdrew their offer on Abenewco 1, Abengoa’s valuable and operating subsidiary. They considered that it was necessary to reformulate the offer on account of the results obtained in the opening of books, due diligence and for another factor: the conditions imposed by the current administrators of the company and the creditors of the company.
Specifically, this offer was made through its parent company, Caabsa with EPI Holing / Ultramar Energy and the receivership of minority shareholders Abengoashares, which is opposed to the current Board. In fact, they saw a lot of financial risks in the operation. Now the minority shareholders, led by Clemente Fernández, are looking for a new partner who can replace Caabsa, to counter the offer of the TerraMar fund. At the moment they are again requesting the holding of an Extraordinary Meeting to relieve the current council. And he waits for the arrival of the presidency to launch, together with Ultramar, an alternative offer.
Now the Board is still considering the offer of the US fund to take over 70% of Abenewco1. But you already know that its achievement depends on many factors, including the creditor banks to carry out the refinancing of the company, but also the rescue of the SEPI worth 249 million euros. An offer, which also everyone considers that it will be modified when negotiated with the interlocutors involved in the renegotiation, in which the ICO and the CESCE would also come into play.
The latest is that request to hold the Shareholders’ Meeting of two years ago, which must be decided shortly, and in which, again, Abengoashares wants to take over the presidency for Clemente Fernández, after being victorious in the two extraordinary meetings that have been held, the last one last year. In any event, the Council notes that now is not the time to hold a possible meeting, of an extraordinary nature, before the end of June.
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