In Spain, as part of its complete restructuring to avoid bankruptcy, Abengoa has decided to sell off Abengoa Bioenergy—possibly in three parts: Europe, Brazil and the US—for a total of roughly $1.08 billion dollars.
KK-Net visited Seville in January 2016 and learned about the Abengoa situation. We decided to follow the evolution of this case.
The company has already received possible offers from
investment funds, as well as from a local Brazilian investor for the
Once bioenergy has been peeled off, the company will focus on engineering.
Abengoa will sell off various properties in Spain, Germany and the Middle
East, including its headquarters in Seville, for around $163 million.
addition, it will look to sell various energy, water and other
installations located around the world for another $1.3 billion.
In Spain, 40%
of Abengoa’s creditors have agreed to invest $2 billion over the next
five years in exchange for the right to 55% of the restructured company,
helping it to avoid bankruptcy and complete meltdown, but another 35%
must agree as well as existing shareholders whose participation would
shrink to 5% before a March 28 deadline.
Creditors would also write off
70% of existing debt in exchange for 35% of the company while those who
would provide another $1 billion in guarantees for project development
would have the right to another 5%.