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Abengoa’s committees calculate a "impact of 500 million" to state coffers if SEPI denies the ransom

Abengoa's committees calculate a "impact of 500 million" to state coffers if SEPI denies the ransom

They have called a new concentration at 8:30 p.m. in Palmas Altas to demand that SEPI release the 249 million requested

SEVILLE, June 26. () –

The works councils of Abengoa Agua, Abengoa Energía, Solúcar, Inabensa and Abenewco1 CPA, companies derived from Abengoa, declared in voluntary bankruptcy after closing 2019 with a debt of 4,783 million euros, almost 6,000 million counting debts from projects for sale ; They have warned this Sunday that the state coffers will suffer an “impact of approximately 500 million euros” if the State Society of Industrial Participations (SEPI) does not agree to grant the requested financing for the refloating of the technological multinational.

That calculation includes, for example, 157 million euros from the “execution of guaranteed guarantees” by the Spanish Export Credit Insurance Company (Cesce), 80 million euros for the “impossibility of repayment” of amounts to the Security Social and Public Treasury or the disappearance of “income for the State derived from VAT and corporate tax amounting to 67 million” per year.

“The workers of the Abenewco1 Group, its creditors, partners, shareholders and ‘stakeholders’, as well as the Sevillian, Andalusian and Spanish Society, would not understand that a social government like the current one will leave behind 16,000 families (between direct and indirect jobs) and that with money from Europe a leading world company in the renewable energy sector, committed to the Government’s 2030 Agenda, is not rescued”, emphasize the works councils.

“LEAVE NO ONE BEHIND”

In this sense, the works councils appeal to the motto of the President of the Government, the socialist Pedro Sánchez, of leaving “no one behind”, demanding that “Abengoa continue to be a world leader in the renewable energy sector and an economic engine of Seville, Andalusia and Spain”.

In addition, the representatives of the staff have called a new concentration at 8:30 p.m. this Sunday at the technological campus of Palmas Altas, headquarters of the entity, once again to make their demands visible.

And it is that for this Monday the last meeting of the council of ministers is scheduled, prior to the completion of the phase of proposals for an agreement of the bankruptcy procedure in which the Sevillian technological multinational has been immersed, with Ernst & Young Lawyers (EY) as administrator.


THE “LAST BULLET” TO THE RESCUE

Said meeting of the council of ministers, according to the staff, constitutes the “last bullet to redirect a situation” that the entity is going through, which hopes that the State Company of Industrial Participations agrees to inject in Abenewco1, the subsidiary that groups the main lines of activity of the multinational, the 249 million euros requested within the refloating operation planned months ago.

This, in a context in which the Third Section of the Commercial Court of Instance of Seville, in charge of the voluntary bankruptcy requested by Abengoa after the restructuring agreement agreed in August 2020 failed; Weeks ago, it ordered the opening of the agreement phase, setting July 1 as the final date for the presentation of agreement proposals.

THE MONEY REQUESTED FROM SEPI

In this scenario, the offer from the US fund Terramar to inject 200 million euros into Abenewco1 weighs, with which it would acquire 70 percent of the share capital of this subsidiary that concentrates most of the group’s business lines, a connected operation in turn with said request for rescue to the State Company of Industrial Participations, to capture 249 million euros in favor of Abenewco1 and thus revive the multinational.

For the moment, SEPI has communicated that it does not see certain eligibility requirements for the granting of the 249 million euro aid requested for Abenewco1, although the multinational has made arguments to refute such point and the state entity must pronounce itself again, with our sights set on the council of ministers this Monday.

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Written by Editor TLN

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