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Abengoa
Abengoa intends to seek creditor protection following the end
of Gestamp agreement
According to press reports, the Gonvarri division of the Gestamp group has given
up its plan to invest in Abengoa as the banks allegedly did not agree on the
required financial package (EUR1.5bn according to El Confidencial newspaper).
Gonvarri’s investment was conditional on securing a financial package from banks.
This was confirmed this morning by an official statement from Abengoa to CNMV
reporting that Gonvarri’s agreement was terminated and, while still talking to
creditors, Abengoa is seeking creditor protection under article 5 bis of Spanish
insolvency law.
We highlighted last week that following a huge cash burn in Q3 2015, leading to the
deterioration in immediately available cash sources to EUR346m, the group
urgently needed a capital increase or asset disposal, and timing was very tight.
Recall that we estimate the recovery value of senior unsecured debt at about 40%,
in line with S&P recovery prospects in the event of a payment default (30%-50%
range).
Bonds and convertible bonds are now indicated at about 15%-20%; we advise
holding the bonds at this stage.
Celia Levy-
[email protected]
