Alphavalue / Divacons | The Asturian company’s shares fell by 4.27% on Friday after the extraordinary shareholders’ meeting approved the restructuring plan by a majority vote of over 99.99%. The roadmap includes debt relief, a €10 million capital injection from Prodi, the sale of non-strategic assets and a reduction of up to 500 jobs, according to Agencia EFE. The aim of the plan is to overcome financial and business difficulties…
Link Securities | With regard to the contract that Duro Felguera (MDF) signed with Sonelgaz-Production d’Electricité for the construction of a combined cycle power plant in Djelfa (Algeria), Duro Felguera reports that the client, unexpectedly, while the parties were negotiating a solution for the project, unexpectedly proceeded to execute the guarantees for an amount equivalent to €54.8 million. This contingency was provided for in the Restructuring Plan approved by the…
Link Securities | Duro Felguera (MDF) has reached a preliminary agreement with unions to reduce the number of workers affected by the redundancy plan, initially proposed for 249 workers, to 180, according to Expansión. According to sources familiar with the process who spoke to the newspaper, under the agreed terms, those affected will receive 25 days per year with a cap of 14 monthly payments.
Alphavalue/DIVACONS | The Asturian company estimates that the redundancy plan will affect a total of 249 workers, representing approximately 17% of a workforce of around 1,400 employees. This measure is part of the adjustment process initiated by the company and comes after the negotiating committee was finally established on Friday in its second attempt.
Link Securities | Duro Felguera (MDF) reports that the company’s objective is to agree on a restructuring plan with its creditors before 31 July, the date authorised by the judge handling the proceedings, in order to avoid bankruptcy. If a restructuring plan is agreed, MDF will request its judicial approval. The restructuring plan involves a risk for shareholders, as it could affect the company’s financial position. At the date of…
A few weeks ago, the government approved a €10 Bn fund to save companies with solvency problems which were particularly affected by Covid-19. The Asturias-based company recorded losses of 9 M in the first quarter to March, after making a €10 M provision due to the uncertainty generated by the coronavirus health crisis.
The shares of Spanish Duro Felguera, specialized in industrial services and capital goods fell 20% on Thursday after rising 8% the day before following the international arbitration victory against Samsung. The total amount involved in that litigation case reached 310 M AUD, some €200 M, but the firm will only receive between 35 and 55 M.
Spanish Duro Felguera, specialized in turnkey projects within the energy, mining & handling, oil & gas, smart control systems and defense and security sectors, signed a Memorandum of Understanding with Metco Engineering for energy efficiency and resilience projects in the US. The deal is valued over $200 M per year.