SEPI definitively denies the rescue of Abengoa as its viability is not proven

MADRID, 28 Jun. (EUROPA PRESS) -

The managing board of the Solvency Support Fund for Strategic Companies, managed by the State Industrial Participation Company (SEPI), has agreed to definitively deny Abengoa's request for public aid for an amount of 249 million euros.

Abengoa had submitted allegations to the SEPI reports, which had already dismissed the request for public 'rescue' for six subsidiaries of the group (Abengoa Energía, Abener Energía, Abengoa Agua, Inabensa, Abengoa Operación y Maintenance and Abengoa Solar España). With this injection, the company sought a plan to guarantee its future viability and avoid a new bankruptcy.

As confirmed to Europa Press in SEPI sources, the allegations presented by the company "do not distort the existence of the risks and uncertainties exposed in the advisors' reports."

Likewise, they pointed out that the resolution has concluded unfavorably "because the viability is not demonstrated and the repayment of the requested loan is not guaranteed."

This Monday, the Council of Ministers already authorized aid for a total of six companies, including Celsa, although it left Abengoa out, in which it was practically the last opportunity to receive the rescue for Andalusian engineering, and when the fund expires at the end of this month.

The denial of public aid practically derails the plan for the US fund Terramar to contribute 200 million euros in exchange for 70% capital, since it was linked to the injection of public money.

Thus, Abengoa is heading towards what may be one of the largest bankruptcy proceedings in Spanish business history, with a hole of almost 6,000 million euros.

Now, the company, whose parent company has been in bankruptcy since February of last year, must opt ​​for the framework of the Bankruptcy Law and decide whether to extend that bankruptcy to the group or if different companies of the same request pre-insolvency and insolvency.