Government will support the judge’s offer for Abengoa and guarantee its viability

By: News Team

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Government will support the judge's offer for Abengoa and guarantee its viability

The Government has assured that it will put “all the means at its disposal” to support the project chosen by the judge to keep Abengoa with the aim of guaranteeing the viability of the new company once the Commercial Court resolves the liquidation process in which it is immersed.

Once the court has received several offers for Abengoa, the Government assures that these demonstrate the attractiveness that the Sevillian multinational remains, which has “very important” references and deep knowledge in key engineering and services sectors for energy transformation and environmental sustainability.

After the State Society of Industrial Participations (Sepi) denied the rescue to the company, which was forced into bankruptcy and its subsequent liquidation, the Ministry of Industry, Trade and Tourism has assured in a statement sent this Thursday that it has worked “actively” to promote a satisfactory solution to the Abengoa crisis.

In this regard, he stated that he has been in “constant dialogue” with all the actors involved, in compliance with what was discussed in the working group created between the company, unions and administrations, with the participation of the insolvency administrator, to find solutions for Abengoa.

In this regard, the ministry added that it has held numerous meetings with investors interested in Abengoa’s assets to “encourage them to participate” in the bankruptcy process and that the Government’s interest has been transferred to them so that the greatest number of jobs is maintained, the future of the new company is assured, its permanence in Spain and its strength at an international level.

The ministry has also indicated that it has held negotiations with various creditors, financiers and “key” suppliers of Abengoa, to ensure the survival of the company until the end of the bankruptcy process.

Within the framework of this process there have been several offers that he has received in judge, from Urbas; of the Portuguese RCP together with the Sinclair fund Capital; Britain’s Ultramar Energy and Cox Energy. They have been joined by Acciona, which is only interested in a desalination plant located in Morocco.

The deadline for submitting bids for Abengoa’s assets ended on January 9, but a grace period was granted that expired on Wednesday.

The court must then transfer the offers to the bankruptcy administration and the legal representatives of the workers.

The bankruptcy administration will then have to issue a report in five days, while the legal representation of the workers may also do so, if it wishes.

Once the reports are issued or the deadline for submitting them has elapsed, the judge will open a period of three days for the improvement of offers.

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