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New restructuring plan: a heavy price to pay for shareholders

  • 17 Mar 16

Abengoa detailed yesterday afternoon, in a conference call, its restructuring plan to avoid bankrupcy. We retain the main following points: The new Abengoa will have a less capital intensive business model, leading to a refocus on Engineering & Construction and third-party projects (which is about €4.2bn revenue and double-digit EBITDA), and selected concession-type projects (minority stakes limited to 10% instead of a majority stake). A 45% reduction in structuring costs expected in two years from €450m to €250m, while non-core businesses will be sold by Q4 16. A new management is in place. Restructuring plan: 1/ Debt reduction of 70% (corresponding to €5.5bn debt) in exchange for 35% of post-reorganisation equity. 2/ New money: facility (€1.5-1.8bn) and new bonds (€800m) in exchange for respectively 55% and 5% of equity. Consequently, equity assigned to creditors will represent 95% and, as a result, shareholders will maintain 5% of post reorganisation equity, be entitled to up to 5% of warrants after full amortisation of new debt, roll-over debt and old debt struck at par with a 5.5 year maturity. The company will have €4,923m corporate net debt post restructuring. The listing will be maintained and the dual share structure will be collapsed into a single class share holding political and economic rights. The restructuring plan is expected to be finished by 28 March 2016.