The Abengoa committees deny Clemente’s thesis on the offers and rule out “impact” due to “litigation”


The works councils of Abengoa Agua, Abengoa Energía, Solúcar, Inabensa and Abenewco1 CPA, companies derived from Abengoa, declared in voluntary bankruptcy after closing 2019 with a debt of 4,783 million euros, almost 6,000 million taking into account project debts for sale, have lamented this Saturday the words in which the president of Abengoa, Clemente Fernández, assures that 13 investors were interested in Abenewco1, the subsidiary that groups the main lines of activity of the multinational, but ruled out bidding for it for the “legal uncertainty”.

In a statement, the works councils of the Abengoa group have publicly reacted to these statements by Clemente Fernández, contained in a letter addressed to the staff published by OKdiario, in a context in which the Third Section of the Court of Commercial Instance of Seville, in charge of the voluntary bankruptcy requested by Abengoa after the restructuring agreement agreed in August 2020 failed; Weeks ago, it ordered the opening of the agreement phase, setting July 1 as the final date for the presentation of agreement proposals.

In this scenario, the offer from the US fund Terramar to inject 200 million euros into Abenewco1 weighs, with which it would acquire 70 percent of the share capital of this subsidiary that concentrates most of the group’s business lines, a connected operation in turn with the rescue request to the State Industrial Participation Company (SEPI) to raise 249 million euros in favor of Abenewco1 and thus revive the multinational.

For the time being, SEPI has communicated that it does not see certain eligibility requirements for granting the aid of 249 million euros requested for Abenewco1, although the multinational has made arguments to refute such point and the state entity must rule again.


In this context, and regarding the words of Clemente Fernández regarding the supposed expectations of the purchase of Abenewco1; the works councils assure that their consultations have reflected that “the company is not aware that 13 due diligences (or prior risk review operations) have been carried out to invest in the Abengoa Group”, after Fernández alluded in his letter that some of the companies concerned had reached that stage.

“The company is aware that only five ‘due diligences’ have been carried out during the same time, not having been able to carry out more since confidentiality agreements have not been signed with other companies and it is absolutely prohibited to transfer the information contained in the aforementioned ‘ due diligences’ to third parties”, asserts the staff.

In particular, the works councils warn that the “alleged litigation” mentioned “enters into clear contradiction” with aspects such as “the studies of the ongoing procedures of the advice of the potential beneficiaries”, in which “it has not been possible to conclude that there are derivations of responsibility that must be considered relevant and/or significant, from a point of impact on the feasibility plan presented” to obtain the requested financing.


“The local lawyers who are entrusted with the technical management of the matters have not found referrals for the group either,” they add, assuring that the “independent offices” that have ruled on such “living procedures” coincide with the above and the Spanish lawyers “neither ” have detected that the national legislation influences the aforementioned conclusions.

“The company’s own auditors, some of whom have been auditing some of the litigation contained in the PKF reports for more than 20 years, have accepted as valid the risk assessments that those closest to the handling of the matter have made” , they defend, adding that the auditing company KPMG, “following instructions from Terramar, has analyzed the litigation and has not made any corrections to the analyzes and the conclusions reached based on them.”


Even Terramar, according to the staff, “once it has analyzed all the legal and fiscal contingencies, it reaches the clear conclusion that they do not have a significant impact on the repayment by the potential beneficiaries of their loan, which is subordinated to the reimbursement of aid from the SEPI Solvency Support Fund for Strategic Companies.

To this end, the works councils defend that the US fund Terramar “has maintained its contribution commitment of 200 million euros since its first binding offer in mid-2021, without any adjustment that would surely have occurred if contingencies had been observed. that put the recoverability of their investment at risk.


Finally, they argue that Abengoa’s bankruptcy administrator, Ernst & Young Abogados (EY), “has analyzed the liabilities and assets to see the impact on the group and has issued a certificate, together with the applicants, where it limits the numbers considered by the Solvency Support Fund, indicating that 590 million dollars and 59 million euros are encapsulated in the contest without risk for Abenewco1 or the possibility that they will be affected by these litigations.

For this reason, the company committees of the multinational see the postulates of the group’s president as “false”, considering that they are based on the “ignorance” of the entity’s reality.