Monday, March 1

The Government blames the Junta de Andalucía and the bank for the Abengoa bankruptcy

The Minister for the Government, Maria Jesus Montero, has identified the banks and the Junta de Andalucía as guilty of Abengoa’s decision to present a voluntary bankruptcy.

The Andalusian company decided this Monday to initiate bankruptcy proceedings with an outstanding debt of 6,000 million euros, an amount that has only been in Spanish business history due to the competition presented by Martinsa Fadesa in the worst years of the financial and real estate crisis.

According to Montero, the Government has been at all times “ready to reach out” and he did his homework in July, when he was willing to contribute almost 500 million euros with the collaboration of CESCE.

In addition, he recalled that an ICO endorsement was also approved to “contribute to the financial support” of the company.

However, Montero has stressed that the financing that the Executive was going to provide was conditional on the creditor banks and other public administrations supporting the operation to guarantee its viability, something that according to the also Minister of Finance, has not happened and has precipitated this contest.

“Others will have to say why they have not been in that same line“Collaborative, Montero said when asked about this matter in the press conference after the Council of Ministers this Tuesday.

Montero has trusted that the company can find a bankruptcy administrator capable of refloating it and keep your job. In addition, he highlighted the important role that this company plays in the Andalusian economy.

“The bankruptcy does not imply that a definitive liquidation of the company is going to take place. Hopefully the bankruptcy administrator has the capacity to look for a new investor and can take advantage of the knowledge of an important company in our country,” he said.

The minister encouraged the reading of the Relevant Fact sent by Abengoa to the CNMV in which it is stated that the financial entities have not agreed to continue with the negotiations to defend the role of the Executive in this crisis.

Leave a Reply

Your email address will not be published. Required fields are marked *