Frequently asked questions - Suppliers

  • 1.- What is Abengoa’s current situation?

    On 28th October 2016, the application for the judicial approval (homologación judicial) of the Restructuring Agreement was filed with the Mercantile Courts of Seville. The judicial approval of the agreement was issued on 8th November 2016.

    During the accession period that finalized on 25th October, the Restructuring Agreement received the support of 86% of the financial creditors to which it was addressed, exceeding the legally required majorities (75%).

    During the Extraordinary Shareholders’ Meeting that took place on 22nd November 2016, all proposals related to the Restructuring Agreement were approved achieving another critical milestone in the restructuring process started in November 2015.

    As a result of the Supplemental Accession Period that was open in January, accession to the Restructuring Agreement has increased to a total of 94% of the financial creditors to which it was addressed.

    The company announced on March 31, 2017 through a Significant Event with the CNMV (Hecho Relevante) that it had achieved the completion of the financial restructuring. Those creditors that failed to adhere to the Restructuring Agreement to date will no longer be allowed to so.

  • 2.- What are the implications of the current situation for suppliers?

    One of the elements of Abengoa’s viability plan for the future, required as part of the negotiations of the broader financial restructuring plan, is the restructuring of Abengoa’s suppliers’ debt. This restructuring would include certain haircuts and waiting period in order to align payments to cash generation expected from the new business plan.

    For the purpose of advancing on the suppliers’ debt restructuring, in line with what has been done over the last few weeks, Abengoa is requesting its suppliers for the novation of their debt through a combination of haircuts and waiting period of payments.

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