Abengoa stock trading suspended forward of debt restructuring decrease-off date

MADRID (Reuters) – Apprehensive Spanish renewables company Abengoa (ABG.MC) said on Tuesday it used to be in superior talks to derive a 250 million euro ($285 million) affirm-backed liquidity line and restructure segment of its debt, but failed to inquire a final resolution except July 27. FILE PHOTO: A tower and photograph voltaic panels belonging to the Abengoa photograph voltaic plant on the “Solucar” photograph voltaic park is seen in Sanlucar la Mayor, Spain, October 1, 2018. REUTERS/Marcelo del PozoThe announcement skill the Seville-primarily based fully engineering community will omit Tuesday’s self-imposed decrease-off date to reach an agreement with lenders that may possibly well well permit it to preserve afloat. “The Board of Directors considers that, within the sizzling conditions, it need to expend all on hand picks for the continuity of the community’s industry,” Abengoa said in a observation. Earlier on Tuesday, Spain’s stock market regulator suspended trading in Abengoa shares forward of the decrease-off date. They contain been up 56% sooner than their suspension at 0.0161 euros, but nonetheless down higher than 99% since mid-2014, when they contain been value nearly 5 euros. The advances included an agreement with suppliers, modification of definite debt phrases and the provision of ensures of as a lot as 300 million euros, said Abengoa. It said inclinations persisted to “evolve favourably, having acquired linked supports that are yet to be formalised”. Soundless, it warned that the dearth of liquidity and protest traces used to be “severely affecting the industry, making its viability very subtle if the transaction will not be closed within the short period of time”. A provide with knowledge of the negotiations had previously told Reuters that a community of Spanish and foreign banks, including Santander (SAN.MC) and Bankia (BKIA.MC), contain been pondering providing a lifeline of around 180 million euros. The so a lot of 70 million euros would approach from the Spanish affirm company ICO and the regional authorities in Andalusia, the provision said. Bankia, Santander, the Economy Ministry and the Andalusian authorities all declined to commentary. In 2016, Abengoa shunned turning into Spain’s largest-ever company financial ache after inserting a deal to refinance 9 billion euros of debt, which handed collectors management of the company. Reporting by Jesus Aguado; further reporting Isla Binnie, Emma Pinedo, Inti Landauro and Tomas Cobos; Modifying by Andrei Khalip and Kevin Liffey

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