Fernando Barciela | Throughout this current year, 99 companies across the world have defaulted, the second highest figure in the decade after the 2009 crisis, according to S&P. Spanish firm Abengoa could be added to the list.
Spanish renewable energy and engineering group Abengoa is close to bankruptcy. The company, which has a debt level of € 6.283 billion, proposed a capital increase of 650 million euros and a financial adjustment. It also tried to negotiate with five banks and Spain’s government for a credit line. Finally, the company agreed to Basque steel maker Gestamp becoming a new shareholder. But this operation has now also failed.
MADRID | By Jaime Santisteban | Spanish Ibex 35 welcomes the week over 10,500 points. “Ukraine showdown and macro numbers will hatch investors’ attention,” Link experts point out. Bankia analysts “see the positive influence of Chinese government statement about share, bond and raw material markets supporting measures. Markets also await remaining corporate results and European countries inflation.” Last week’s Mr Draghi’s words were crucial to stop euro appreciation- the currency is likely to keep going down.
MADRID | By Julia Pastor | Abengoa’s strategy for 2013 included the creation of a company holding concessional assets to go public in the U.S. market. The first step came on Monday when the Spanish firm submitted a draft registration statement to SEC for a yield company. So-called yieldcos in Wall Street’ jargon are financial vehicles that hold assets generating stable and predictable cash flow. The price of the operation remains unknown but its goal would be to raise about $1 billion for the company to continue reducing debt. The Seville-based company specialised in technology solutions for energy and environment sectors is listed in Nasdaq since October 2013.
MADRID | By Jaime Santisteban | Relax: Ukraine’s crisis will not spark gas shortages; Abengoa’s yieldco IPO could amount $1bn at Nasdaq.; renewable energies achieve new historic maximum of 59% of overall production and much more…
MADRID | The Abengoa-Triton deal values Befesa at an enterprise value of €1,075 million.
SEVILLE | Abengoa’s project is a 440 megawatt (MW) combined cycle power generation plant that will supply half the population of Portland, Oregon.
SEVILLE | Abengoa enters into an exclusivity agreement with Triton Partners for the sale of 100% of Befesa for €1,075 million.
Abengoa has acquired a majority stake in South Korean company Hankook R&M with the option of raising its ownership rate to 100 percent. South Korea is the world’s fourth larger producer of steel dust.
