Post by account_disabled on Feb 20, 2024 1:53:22 GMT -5
The creditor banks have agreed to apply the 'Prisa formula': leave the company in two years because they have no interest in controlling the business after collecting their loans. Abengoa solar plant. Abengoa solar plant. Banco Santander and HSBC will leave Abengoa after collecting their loans. This is what both entities have agreed upon, in a formula similar to the one they plan to apply in the Prisa Group. The horizon they have outlined for leaving the company is two years. Abengoa will hold an extraordinary general meeting of shareholders, which will take place on October 10, to approve a capital increase of at least million , which will give control to a group of banks -HSBC, Banco Santander and Credit Agricole CIB- and It will take power away from the Benjumea family. However, as El Confidencial Digital has learned through sources familiar with the process, the three creditor entities have no intention of controlling the management beyond compliance with the adjustment plan. The objective is for Abengoa to reach as a smaller company, more sustainable from a financial point of view and with a much more conservative business model. And leave the company after collecting their loans.
At that time the capital structure of the group will be defined . The banks' departure will leave an uncertain future for the company. It will be the moment in which the founding families will be able to regain a vital weight in the decisions. Changes within the government structure The next meeting will also have to approve the changes within the company's governance structure agreed with the expansion, including the appointment of José Domínguez as the new non-executive president of the company , who Middle East Mobile Number List will take over from Felipe Benjumea, who was appointed president. honorary. The current CEO, Santiago Seage, will also be subject to ratification in his position. With the replacement of Benjumea as president of the company, after 25 years in office, and the agreement with the banks to carry out the capital increase, Abengoa begins a “ new era with this plan and the changes announced ,” they highlight. in the group. Tough adjustment plan in the next two years At the end of 2014, the market began to question the financial situation of the engineering group and these fears were confirmed during the presentation of first half results, when the company recognized its liquidity problems and announced a macro-expansion of 650 million.
In fact, it has taken the group months to obtain the support of the creditor banks to secure 465 million from this expansion, at the cost of the resignation of Felipe Benjumea, accept tough demands to clean up the company in the next two years and leave a large part of the capital in the hands of these entities. Follow in the footsteps of Prisa, FCC, Pescanova... The bursting of the real estate bubble, excess debt and mismanagement have dragged numerous companies to the brink of disaster , forcing creditor banks to come to their rescue. Abengoa is just the latest case of companies that have fallen into the hands of the banks. exp-player-logo Ver más Las hermanas Pombo se abren en canal con Pablo Motos In recent years, a good number of listed and unlisted companies have suffered the same fate, to the point that at the end of last year the main Spanish banks chose to create their own fund to rescue companies , known as Fénix SL. The most significant cases of rescues by financial entities, until now, have been Prisa, GAM, FCC, Metrovacesa...his regulation will translate, at the same time, into lower risk for entities when financing activities in Cuba. Intense business activity this year Furthermore, as confirmed by sources close to the Cuban Embassy in Madrid, bilateral contacts with Havana have multiplied since this summer by Spanish companies with a presence on the island, but also by large companies very interested in establishing themselves there.