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Abengoa has communicated to its employees that will not be able to cope with the payroll for this month in its entirety, before the lack of liquidity of the company , hurry the countdown to reach an agreement on a new rescue plan to ensure the viability of the company. In particular, the group of engineering and renewable energy, has sent an internal communication to its employees, in which they transmitted this decision.
Abengoa had, at the end of 2019, with a workforce exceeding 14,000 employees in the world, of which 18% are located in Spain (each comprised 2,578 workers).
At the end of the last month of march, in the outbreak of the crisis of the coronavirus, l the company initiated a record of temporal regulation of employment (ERTE) for around 30% of its workforce in Spain , as well as to approximately 15% of its employees in the rest of the countries where it is present, due to the impact in its activity by the pandemic.
last may, Abengoa announced a net loss of 517 million euros in 2019, as compared to the ‘red numbers’ of 1498 followed by million euros in the previous year. The group noted that, at the close of fiscal year 2019, the net assets of the individual company Abengoa threw a negative amount of 388 million euros, which placed her in a situation of a cause of dissolution.
in Addition, the company presented a new bailout plan that passes through the application of new financing for a total of 250 million from financial institutions, backed by a guarantee of the ICO, as well as 300 million euros in lines of guarantors ‘revolving’ additional presses of the banks, covered by the warranty Cesce.
in Addition, you will need to reach agreements on the debt due from suppliers and other creditors old/legacy with a removes, adapting solutions to the situation of the different providers due and other creditors, as well as with the creditors to modify the terms and conditions of the different tranches of debt, including the Convertible Bond A3T, which may involve write-downs and capitalization imminent or future of certain debts.