Economy.- (Ampl.) Abengoa considers its restructuring closed and starts a new journey after avoiding the tender

Abengoa has given this Friday its financial restructuring closed, with which the company, which came to accumulate a debt of 9,000 million euros, avoids the largest bankruptcy in the history of Spain and starts a new journey with Gonzalo Urquijo in front and a new shareholder composition.

In a note sent to the National Securities Market Commission (CNMV), the company explains that the agent of the restructuring has confirmed the closing of the process, known as ‘restructuring completion date’ and that the dates of the initial and final exercise of the Warrants will be issued on March 31, 2025, and June 30, 2025, respectively.

This Friday saw the start of the listing of the shares of the capital increase and the new ‘warrants’ of Abengoa, with which the share dilution and the creditor entry planned in the restructuring plan are executed.

The price of new securities and instruments has had an effect on the stock market close to 80%, which contrasts with the revaluation experienced in recent days by the shares of the company, close to 30% for class B and above 100 % for A.

Specifically, class A shares have closed this Friday’s session with a drop of 79%, to 0.055 euros, while those of class B has recorded a decline of 78%, to 0.024 euros.

The restructuring agreement contemplates that the current shareholders of the company go from controlling 100% to 5%, while the bondholders and ‘hedge funds’ will take 50% of the company, against 40% for the creditor bank. The remaining 5% is in the hands of guarantors.

The creditors have suffered a 97% reduction, while the remaining 3% is articulated through debt with a ten-year maturity without annual accrual of interest and without the possibility of capitalization. In parallel, the funds that inject the 1,169 million “new money” will add 55% of the capital.

On Friday, Abengoa shares all these effects, that is, the stock dilution of the current shareholders, the usual loss of value of the securities resulting from the capital increase and the debt swap for shares, as well as the possibility of that the new shareholders decide to put the recently received shares on sale.

The capital increase has involved the issuance of 1,577 million new class A shares and 16,316 million class B shares. In addition, 83 million warrants have been issued on A shares and another 858 million on type B shares. 

The execution of the capital increase and the issuance of warrants takes place after the so-called ‘agent scrow’ successfully met the 1,169 million euros of ‘new money’ for its injection into society, which allows Complete the financial restructuring of the company.

According to the rescue agreement with the creditor banks and the funds for the restructuring of its financial debt and its recapitalization, the group would receive an injection of ‘new money’ of almost 655 million euros.

The total amount of the ‘new money’ that was agreed to lend to the group amounts to 1,169 million euros, although this amount includes the refinanced amounts of the loans https://green-touch.org/ received by the group in September and December 2015 and in March 2016 – some 515 millions of euros–.

In addition, 307 million euros of new lines of guarantees were included. The financing entities that contribute it will be entitled to receive 5% of the new share capital of Abengoa. Of this amount, about 50 million will be to bid for new projects and rest to advance those that are already underway.

The committee of banks that participated in the negotiations for the restructuring was composed of Bankia, Banco Popular, Banco Santander, Caixabank and Credit Agricole, while the group of new money investors was composed of Abrams Capital, The Baupost Group, Canyon Partners, The DE Shaw Group, Elliott Management, Oaktree, and Värde.

The first "workers march" of the SAT concludes in Jaén peacefully and without altercations

 

bThe members of the SAT that have carried out a march to Jaén to protest against the cuts, before the English Court of the city, after completing their protest action.

bThe members of the SAT that have carried out a march to Jaén to protest against the cuts, before the English Court of the city, after completing their protest action.

Hundreds of people, more than a thousand according to the organizers, have entered this Saturday in Jaén where the first of the “workers’ marches” that the Andalusian Workers Union (SAT) has convened throughout Andalusia, which departed last Thursday of Jodar, concluded in a peaceful day and without altercations .

The most outstanding act was a sit-in at the door of the English Court of the capital of Jaen, a location chosen because it is a large area that “ruins small businesses and is enriched by the use of cheap labor”, as explained by the Secretary General of the SAT, Diego Cañamero.

Cañamero has also indicated that some of the demonstrators have made a “symbolic attempt” , which has not been perpetrated, to enter these department stores, in which there was a strong presence of agents of the National Police.

In this way, after arriving at the headquarters of the Government Sub-delegation in Jaén and holding an assembly , it has been concluded around noon this first march of the union, which will continue the next days 21 and 22 in Cordoba.

In the march has been able to see Sánchez Gordillo and Willy Toledo In the march this Saturday have been present, in addition to the own Cañamero, the autonomous deputy of IULV-CA and mayor of Marinaleda, Juan Manuel Sánchez Gordillo , the actor Willy Toledo, as well as provincial leaders of the union, as well as members of numerous collectives, day laborers and trade unionists.

They ask for solutions

They ask for solutions

As explained by the provincial leader of the SAT in Jaén, Andrés Bódalo, the intention of the march is to ” claim solutions to the drama that thousands of families are going through in this crisis”.

Among the measures proposed by the SAT to alleviate this situation, is not to pay the debt of banks with public funds, repeal all cuts, prohibit evictions and dismissals or a greater distribution of wealth with the nationalization of banking and sectors strategic

It also asks for the 35-hour workweek and retirement at age 60 , the minimum wage increase to 1,000 euros; public employment plans that guarantee, at least, two months of work to all the unemployed; quality public health and education, as well as housing “as a right and not as a commodity”.

It also requests that the requirement of 35 peonages be eliminated in order to apply for agrarian subsidy or agrarian income, as well as the 10 years of seniority registered in Andalusia to be entitled to this benefit.

Other requests

Other requests

Demand, also, that “the duration of the agrarian subsidy and the agrarian income is of ten months for the minors of 52 years and of twelve months for the majors of that age” and it demands that “the people who are unemployed and have the house mortgaged only pay a fee commensurate with your income. “

We ask that all public lands be transferred to workers’ cooperatives. It also requests that small, self-employed entrepreneurs, farmers, etc., be provided with low-interest loans and a social security bonus so that they can reactivate their economy, and create jobs. of work.

The SAT also requests that “all public lands be transferred to worker cooperatives, ” and that “workers who are unemployed and have exhausted benefits or are not entitled to it, are provided with a basic income.”

  • The “workers march” of the SAT in Jaén

    The members of the SAT that have carried out a march to Jaén to protest against the cuts, before the English Court of the city, after completing their protest action. (EFE)

    “> The” workers march “of the SAT in Jaén

Bankia acknowledges that it 'manipulated' the purchase and sale of preferred products because the CNMV

 

 

Sede de Bankia

The headquarters of Bankia, in Madrid. Jorge Paris

Bankia acknowledges that for years it intervened and married prices in its domestic market for the purchase and sale of preferred shares , but that it did so because “such instruments were a regulated product (of legal configuration) controlled and supervised by the Bank of Spain”, as representatives point out. of the bank chaired by José Ignacio Goirigolzarri in a brief of appeal addressed to Judge Fernando Andreu, who investigates the scandal of these financial products.

The case of operations maintained the fiction, according to the complainants, that the preferred ones were a profitable and liquid product. The origin of the complaint, as the complainants themselves have argued, is that the purchase and sale of preferred products (for which they are affected more than 300,000 people) was carried out not through a free and open market in which prices were adjusted by supply and demand. As the National Securities Market Commission acknowledged in a report published in February, the market was altered through an “internal case” process that was internally managed by the entities themselves : they made the sales and purchases of these products always marry in prices around 100% of the nominal value, which caused a loss to the buyers who paid above the estimated price.

This manipulated market in which the entity determined the purchase price “unilaterally” served, according to UPyD (first organization to which a complaint was admitted in the National Court), to “maintain the fiction that it was a liquid and profitable product and sell it as if it were a mere deposit and not a perpetual product (…) That lack of market -deceived from the beginning by the direction of financial institutions- is the key element of the alleged perpetrated scam “, they denounce.

A “common” practice

It was not until October 2011 that the CNMV forced the entities to stop applying the case of operations The defense of Bankia, however, points to the authorities (CNMV and Bank of Spain), who were those who knew and endorsed the legality of these practices . They recognize that the National Securities Market Commission described it as a “bad practice” as of June 2010, although ” at no time did it prohibit the functioning of the internal market managed by financial entities”.

The operation of internal case was ” common to the generality of Spanish credit institutions , both at the level of banks and savings banks,” argue from the nationalized bank, while acknowledging that the authorities held talks to replace the system with one “more organized and external”.

Although the CNMV considered the so-called “case of operations” a bad practice , it was not until the end of October 2011 that the immediate cessation of this type of operation was demanded. “Therefore, the CNMV accepts the transactions of cases between clients at 100% until the moment of answering the request”, which in the case of Bankia occurred on November 15. The entity, in any case, maintains that these bad practices would constitute an administrative infraction at most, and never a criminal offense.

No to “retrospective crime”

Neither Bankia nor BFA even existed when the preferred ones were designed and marketed “ In a brief of allegations sent on June 18 to the National High Court (see attached document), Bankia develops other reasons why it considers that it did not commit any crime in relation to the design and marketing of this complex financial product.Indeed, the entity alleges that no criminal liability can be attributed to it since the entry into force of the reform of the Criminal Code that allows for the attribution of crimes to legal persons was subsequent to the facts denounced . According to the representatives of Bankia, their criminal charge “based on the retroactive application of said law, would simply be unconstitutional”.

Bankia makes it clear that the calendar is on its side, and thus, discharges any possible liability in the boxes that resulted in the BFA-Bankia group: Caja Madrid and Bancaja, among others. “The truth is that neither Bankia nor BFA had been set up even when the design, issuance and commercialization operations of the preferred shares that are said to be fraudulent took place,” they explain, so “they could hardly have participated in the alleged machinations” they are blamed

The entity chaired by Goirigolzarri highlights in its allegations that the seven savings banks that ended up forming BFA-Bankia kept, “and still maintain today, their legal status unchanged.” It is not possible to ask the bank for criminal responsibility for what has been committed because “there is no identification between Bankia and BFA with the integrated savings banks” .

The Prosecutor’s Office, which has largely endorsed the arguments of Bankia’s defense, sent a letter adhere to them. This decision has been appealed by UPyD , which on Wednesday sent to the National Court a document of allegations in which it opposes the request of the prosecutor to cancel the investigation of this financial scandal.

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