Abengoa indicated in its August 6 restructuring plan that December 3 would be the deadline for the mandatory conversion of financial instruments into Abenewco 1 securities , which would mean making the subsidiary the new head of the group .
The exchange has not taken place, it formally concludes on Sunday, when exactly four months have passed since the announcement, after the accession period closed in September.
The reason lies in the fact that the company insists on the need for a signature by the Junta de Andalucía with the injection of at least 20 million euros to be able to conclude the rescue plan and new corporate structure of the group.
Pressures the Junta de Andalucía
The Sevillian insists that the Andalusian government promised to help in May, months before the bailout announcement and when the company’s insolvency situation was reported.
The regional Executive insists that it does not have legal instruments to offer its help to the multinational and does not want to make mistakes that end up putting the Board on the bench of a court as has happened with other companies.
Juanma Moreno’s team maintains its refusal and throws the ball to the central government after asking Seville to help Abengoa. Moreno responded to Moncloa by ensuring that Madrid can provide the requested amount without problem .
Abengoa continues in pre-bankruptcy proceedings
All in all, the parent company continues to be Abengoa and continues in a pre-bankruptcy proceedings for a liability of 153 million euros that has not been saved.
Gonzalo Urquijo’s idea to solve the insolvency situation for which he causes dissolution is a membership plan through participatory credits for suppliers. 96% of this figure must be saved and according to the data provided by the company, only 14% of the providers have joined the plan .
Without board of directors
To add more uncertainty and reduce the visibility of the group, the parent company continues without a board of directors until the extraordinary shareholders’ meeting is held on December 21 on the first call or on December 22 on the second.
The new visible heads will be three independent directors and there are six candidates, three from Urquijo and three from minorities. Depending on the winners, the rescue will continue, if Urquijo wins, or calls for reconfiguration, if Abengoashares wins.
Until February 18 there is time to reach an agreement, because although December 18 concludes the date to close the insolvency of Abengoa, the legislation allows, due to Covid-19, to extend the deadlines by two months.