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Abengoa will close “in the coming hours” an agreement on the refinancing of its debt , according to have advanced this Monday to Efe sources close to the negotiation, because it only remaining to tie some tassels to put an end to the liquidity problems of the company and ensure its viability.

last Friday, Abengoa explained that it had not yet been able to complete the process documentation for the operation that would allow him to sign the restructuring agreement and was given until Tuesday, August 4, to achieve this.

it Was the third extension the company has granted to itself and, always according to the sources consulted, except for last-minute surprises will not need to extend the term for operation is “on track” , although because of the complexity of the process, remaining close some of the last fringe.

financial Sources explained to Efe that Abengoa was trying since last Thursday, enlist the support of the banks to get 35 million and getting to the 250 million that seeks to close the refinancing of its debt.

restructuring Plan

restructuring plan of Abengoa passes through four points: the funding of the ICO, the granting of guarantees, the agreement with its suppliers and creditors, as well as the modification of the conditions of their bonds.

The new funding and guarantees the you will receive Abengoa Abenewco 1, that is, from 2017 the society of the header of the entire group and that will lead to the rupture of the economic group present, led by Abengoa, which will become a minority shareholder of Abenewco.

it remains to be seen if Abengoa gets the support of 95 % of the creditors of a debt of 153 billion and is pound of its dissolution, because the restructuring plan of the company is not sufficient to do this and since may is the cause of the dissolution.

in order To rebalance the heritage and to ensure e l compliance with the business plan updated , the group agreed to subscribe for a new liquidity line for an amount of eur 250 million and a term of five years, with the guarantee of the Official Credit Institute (ICO).

Also decided to s ask for the guarantees ‘revolving ‘ (to have new credit as that is returned by 300 million, in order to meet the needs of the business until the end of 2021.

it Also proposed to try to close a deal with providers and other creditors with debt due to deconsolidate that debt the perimeter of Abengoa Abenewco 1, giving them a preferential right to payment against realization of certain assets.

But to be able to undertake all these measures, Abengoa needs to get to make an arrangement with your creditors , among them the State itself, through the ICO, who would be willing to put 50 million, according to financial sources consulted by Efe.

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