Decisive days for the future of Abengoa and its subsidiary Abenewco 1. Before September 3 the company will have to respond to its creditors, close its new rescue plan, the possible entry of SEPI with 249 million euros and the arrival of an industrial partner to pilot the company’s destiny.

The bottom Terramar updated its binding offer to inject 200 million euros to the rescue of Abenewco 1, being so far the only formal offer. However, it would not be the only one to come to fruition before the end of this month.

The sources consulted by Invertia point out that at least three new proposals are being prepared against the clock, two of which would include minority shareholders grouped in Abengoa Shares.

Sources close to these negotiations confirm that there are two groups preparing an offer and that include minority shareholders. The objective of Abengoa Shares is to be able to integrate them into a single proposal so that they are stronger in the face of competition with Terramar.

No further details of these proposals have been disclosed, although it is believed that at least one of them includes a foreign group. In any case, the non-negotiable requirement for Abengoa Shares is that “all the money must be for Abenewco and the minimum would be used to rescue financiers.”

Ultramar Energy

This offer is also independent from that of Overseas Energand, an inheriting proposal from which the group presented at the time Caabsa (the Amodio brothers who own OHLA).

“The shareholders will support any offer that contemplates us with a consensual agreement of partners,” they indicate from Abengoa Shares. The truth is that this means that the minorities return to the load after dismounting from the proposal of Ultramar Energy.

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For its part, Arctic Securities Y Ultramar Energy They close fringes of their proposal for the Abengoa subsidiary. Arctic is closing the analysis of the accounts of Abenewco in order to finance the Ultramar proposal.

The objective is to be able to include an industrial partner and, among the details of the new offer, financing guarantees will be included so that key Abengoa operations can continue to operate.

The new proposal could also include all or part of the 249 million euros that have been requested from SEPI to rescue the company. As he has been able to confirm Invest, This new offer opens the door to public society, but reduces its weight in the operation and it does not make their participation indispensable.

The role of SEPI

This point is key because so far it has been impossible to execute any type of operation due to the indecision of the SEPI, which has made the entry of an industrial investor to Abenewco 1 as a condition before approving the rescue.

In fact, this newspaper already warned that the SEPI is suspicious of the offer of Terramar, even after the improvements raised a few weeks ago. The doubts remain the same: the public company wants guarantees that its investment will have a return and that Abenewco have viability in the medium term.

SEPI is reluctant to agree to a rescue involving Terramar. In this sense, the sources consulted indicate that the public company will rush the deadline until the end of the month and thus wait for an alternative offer to improve conditions can be presented. In fact, as the authorization must pass through the Council of Ministers, there will be nothing new at least until the last week of August.

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On July 26 TerraMar updated its binding offer to inject 200 million euros for the rescue of Abenewco 1. In it he promised to advance financing of 60 million of euros -35 million euros in the first place and 25 million euros in a second phase – if the approval of financial creditors to the restructuring agreement.

In addition, it would have an advance of a line of guarantees for an initial amount of 60 million euros with the guarantee of CESCE, in two phases -40 million euros available at the initial moment and an additional 20 million in the second phase-.

Terramar proposal

In the second level of the operation, the consent of the creditors would be completed to be able to execute the restructuring agreement and, if the conditions set forth therein are met, access to the second tranche of interim financing and guarantees will be enabled.

The third phase the closure of the operation would culminate, once the concession was obtained by the Council of Ministers of the aid charged to the SEPI Strategic Companies Solvency Support Fund for 249 million euros for Abenewco 1, to which the operation is linked and would be carried out as a unit of act.

Reference-www.elespanol.com

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