Abengoa asks for the pre-contest after SEPI’s refusal to rescue the firm

The board of directors of Abenewco 1, Abengoa’s operating subsidiary, has requested, after the 249 million euro rescue request from SEPI was rejected, the pre-bankruptcy of creditors for 27 companies, including Abenewco itself 1 -operating subsidiary of the company-, Solar New Technologies, Abengoa Solar Spain, Zero Emissions Technologies or Asa Iberoamérica. The process has been produced for the purpose of initiating talks with creditors to reach a refinancing agreement, as reported by the company in a statement sent to the National Securities Market Commission (CNMV).

The pre-bankruptcy gives the possibility of having four months, in which guarantees cannot be executed, to find ways to prevent these companies from finally falling into bankruptcy. On the other hand, the board of directors of Abengoa SA., the group’s parent company, which is in bankruptcy proceedings and under bankruptcy administration, has postponed the meeting it had scheduled for this Thursday of this governing body, made up of three directors, including its president, Clemente Fernández.

Abengoa SA would have to present its creditors’ agreement proposal before Friday, once the deadline for Bankruptcy moratorium that was decreed due to the Covid-19 crisisalthough Abengoa has requested a postponement from the judge, who has not yet ruled.

Workers ask for solutions

On the other hand, the company’s workers have gathered this Thursday at the headquarters of the Andalusian Ministry of Economic Transformation, where a representation of the works council holds a meeting with its Acting Responsible, Rogelio Delgado (Cs), to request a “real commitment” from the Junta de Andalucía.

The meeting started at 1:00 p.m. and the Vice Minister of the Presidency, Antonio Sanz, also participates in it. Workers have gathered outside the building, chanting slogans such as “Abengoa, solution.” In statements to journalists and which includes Efe, the president of the works council of Abengoa Agua, Valentín San Emeterio, has said that they hope that the Andalusian Government, which “says to be very concerned, will take a step forward”.

“Let’s see if what they are telling us that they are very worried is true, what we want is for them to take a step forward as the Government of Andalusia in defense of an Andalusian company”, has riveted Thus, he has urged the Board to “sit down with the Government of Spain, which seems to be willing to sit down at the negotiating table together with the Seville City Council and the company to find a solution for all”, he added.

As for the company, he has trusted that it resorts to “any tool to protect employment and workers”. Regarding today’s meeting of Abengoa’s board of directors to decide what paths are adopted for the different companies and for the parent company, he has indicated that, at the moment, they have no knowledge of anything and that they are waiting.

He has insisted on the need for a joint meeting between the different institutions and the company “to see the alternatives that exist and to seek solutions”. “We are hopeful because (the Andalusian Government) has received us today, which we understand to be a good sign, that they are willing to sit down with us and tell us that they are going to sit down at the dialogue table,” he interpreted.

However, he stressed that the workers want a “real, formal and written commitment” that the Board “It’s going to protect the company, help the workers and that they are willing to sit down with the Government, the company and the city council to seek a definitive solution. There are no more possibilities “, he has settled. Meanwhile, he has assured that the workers are going to maintain the camp in front of the Government Delegation in Andalusia and they do not rule out toughening the mobilizations if there is no solution.