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May

Abengoa obtains the required consents from its creditors to close the sale of the remaining 16,47% of Atlantica Yield

May 31, 2018

  • The necessary consents have been obtained from creditors for the execution of the sale of the 16.47% stake in Atlantica Yield to Algonquin Power & Utilities Corp.
  • Creditors have also approved the full release of remaining funds in escrow for the completion of the Third Train project in Mexico.

May 31, 2018 – Abengoa (MCE: ABG/P:SM), the international company that applies innovative technology solutions for sustainability in the infrastructures, launched on 30 April 2018 a process to obtain the consent by some of the financial creditors on the implementation of certain agreements. This request for consent is not extraordinary, it is envisaged in the financing contracts and has been used at various stages during the past months.

The requested consents were aimed at offering solutions and ensuring the continuity of certain transactions, asset sales and other financial ones, in line with the approved viability plan.

For the most part, these permits have been granted, among them: 

  • Authorization for the sale of the 16.47% stake in Atlantica Yield that Abengoa maintains. As reported on April 17, 2018, the agreement reached with Algonquin Power & Utilities was conditioned to the authorization of certain financial creditors and, once obtained, the closing of the operation is therefore subject to the fulfillment of the other precedent conditions established in the agreement.
  • Authorization for the full release of the remaining funds in escrow for the completion of the Third Train cogeneration project in Mexico, once the sale of the participation in Atlantica Yield is completed.
  • Additionally, authorization has been obtained in relation to other administrative obligations of lesser relevance such as the liquidation of certain non-essential companies for Abengoa's activity or the extension of the deadline for the submission of some reports.

Abengoa also presented its creditors with a preliminary agreemet reached with the main financial institutions challenging the restructuring agreement that would have allowed the situation to be resolved. This proposal has not been approved by the creditors and, therefore, Abengoa will continue to work to reach an agreement as beneficial as possible for all the parties involved.

About Abengoa

Abengoa (MCE: ABG/P:SM) applies innovative technology solutions for sustainability in the infrastructures, energy and water sectors. (www.abengoa.com).

Communication Department:

Marián Ariza

Tel: +34 954 93 71 11

E-mail: comunicacion@abengoa.com

Investor Relations & Capital Markets:

Gonzalo Zubiría

Tel: +34 954 93 71 11

E-mail: ir@abengoa.com

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