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It has been more than seven years. Abengoa, who has been struggling with a very delicate financial situation for more than seven years, is now in danger of staring in the biggest bankruptcy in Spain. This is a company with 6,000 million euros in outstanding debt and over 5,000 employees.
The council of ministers refused to include the company with the Solvency Support Fund for Strategic Companies of State Society of Industrial Participations. Celsa and Blue Sea, Meeting Point, as well as Imasa and Isastur, and Vivanta. Total, 721 million euro, of which the largest portion - around 550 million euros- corresponds with Celsa's rescue, once it has been given the go-ahead by Brussels.
Abengoa is currently without a single euro. Isabel Rodriguez, the government spokeswoman, stated after the council of Ministers that technically, this pending rescue had not been rejected. It has been rejected. There are no tips available before June 30, when funds intended to rescue companies affected by the pandemic's effects expire. The decision was made: Abengoa doesn't meet the criteria to be saved.
The company requested 249 million euros in aid. It was a vital public contribution to avoid bankruptcy.
Abengoa's arguments in opposition to SEPI's rejection did not appear to have any impact. According to the Government spokesperson, the solvency fund applications are "governed by objective and technical criteria." The Ministry of Finance also stated that these "bailouts" are approved after an exhaustive and thorough analysis of each entity's economic and legal situation and their impact on Covid-19. They also provided details about the viability plans that were presented by each entity, as well the potential evolution of the group, and the guarantees that will be used to return the temporary public financial assistance it will receive. Abengoa will not comply with these criteria.
Abenweco1 may declare insolvency proceedings if there is no rescue available before June 30, as all signs point to. This will occur when the Terramar offer expires and the current moratorium ends. Abengoa, the parent company, has been in bankruptcy since February 2021. It must submit its agreement to creditors and agree to it within a few days. The company will be liquidated if it does not.
