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A court in Seville opens the liquidation phase of Abengoa's parent company

Abengoa S.

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A court in Seville opens the liquidation phase of Abengoa's parent company

Abengoa S.A. He had until Thursday the deadline to present his proposal for a creditor agreement, once the bankruptcy moratorium that was decreed due to the Covid-19 crisis had ended.

The Mercantile Court of Seville has notified this Friday an order by which it decrees the opening of the liquidation phase of the parent company of the Abengoa group as no agreement proposal has been presented before the end of the fixed term, according to judicial sources.

Abengoa S.A. He had until Thursday the deadline to present his proposal for a creditor agreement, once the bankruptcy moratorium that was decreed due to the Covid-19 crisis had ended, although he requested a postponement from the judge, who this Friday has decreed the liquidation phase.

This implies the dissolution of the entity, in bankruptcy proceedings, and the dismissal of the current administrators and their replacement by the bankruptcy administration.

This process is parallel to the pre-bankruptcy of creditors that the board of directors of Abenewco 1, Abengoa's operating subsidiary, has requested for 27 companies, including Abenewco 1 itself, after its rescue request of 249 million euros was rejected by the Fund of Support to the Solvency of Strategic Companies managed by the State Company of Industrial Participations (Sepi).

The pre-bankruptcy gives the possibility of having four months, in which guarantees cannot be executed, to find ways to prevent these companies from finally falling into bankruptcy.

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