Abengoa appeals the liquidation order and presents a binding offer from RCP and Sinclair

MADRID, 5 Jul. (EUROPA PRESS) -

Abengoa has filed an appeal for reconsideration against the liquidation order of the insolvency procedure opened by the Commercial Court of Instance of Seville and has accompanied it with a binding offer from RCP and Sinclair by which they commit to invest in the group more than 200 million of euros.

As reported last night by the company to the National Securities Market Commission (CNMV), in the appeal it alleges that the court's resolution has been issued "without exhausting the procedural deadline for the contribution of the ordinary agreement proposal", for which ask for a new deadline.

The Sevillian company has also presented a proposal for a bankruptcy agreement that contemplates a 97% reduction, with a payment of 3% over 8 years, and a first year of grace period; with an alternative of opting for the conversion of the credit resulting from the reduction in a participating loan remunerated with a maximum of 4% of the profit before ordinary taxes of the activity, up to a limit of 2 million euros per year for each financial year.

The agreement proposal is in turn accompanied by a letter of intent from RCP and the entity Sinclair Capital to invest in the Abengoa group a total and joint amount of more than 200 million euros.

"With the aforementioned letter of intent, a period is opened for the parties to continue the conversations aimed at defining the particular terms and conditions of the operation and the consequent closing of the definitive documents of the transaction after the negotiation process between the parties," he explains. Abengoa.

The operation contained in this letter of intent contemplates the acquisition/reintegration of production units or other valuable assets of Abengoa's subsidiary companies in order to increase industrial activity in the energy, water and environment sectors, without this entailing the exit of the productive units from the perimeter of the group.

Likewise, the offer includes the contribution of funds for the payment of privileged credits within the framework of the contest, as well as for the reactivation of production units of subsidiary companies and their provision of sufficient working capital for the development of business and guarantees for the maintenance of the activity of all of them.

The offer also contemplates the contribution of contracts by RCP and Sinclair with the aim of giving greater value to Abengoa's activity, so that, together with its own portfolio, "they contribute to the generation of business to support the restructuring " of the group and, specifically, the payment of the company's creditors.

Likewise, the offer incorporates the willingness of RCP and Sinclair to negotiate with the creditors holding financial and non-financial debt associated with Abengoa to define a mechanism that allows, "to the extent possible", to meet the claims of said creditors.