Duro Felguera, Last November, he reached an agreement to refinance and restructure his company. financial debt with the creditor bankone of six creditors line financing additional 36 million a one-year grace period on the interest payment and a deferral of 5 million depreciation until October 30, 2023. The company that reached an agreement with the bank in November after that get bail by the state (120 million) and the Principality (6 million), binds its request to unforeseen circumstances unrelated to the management of the company. and these are the prolongation of covid, the scarcity of materials and energy and commercial diplomatic conflict between Spain Y Algeria. This dispute between the two governments is causing a slowdown in the client’s business at the large Djelfa combined cycle power plant (70% complete) and delays in collections – due to suspension of bank transactions between both countries. This project and the bulk cargo handling system at the Bellara steelworks were practically completed.
Of the 36 million people requested, 30 million raised with 70% public guarantee of ICOThe risk to the bank will be 15 million, equal to the amount that the company has already paid off its debt with banks since the November agreement, which leaves the risk position of financial institutions at the starting point.
Due to demand “A normal financing operation that, among other possible actions, this company and anyone else has to consider in order to anticipate events in the new international context.”, the company’s CEO, Jaime Argüelles, explained to staff yesterday at a pre-scheduled virtual meeting with all employees – as several witnesses told this newspaper. Sources said that the company’s chief executive disclosed the new petition to the bank. It stems from seeking funding to “equip oneself” and “take on new projects without losing money”.. There are currently some 44 million and if you keep resorting to it, would only have operational cash by the end of the year. Argüelles reported that Duro has a pending collection of 10 million in Algeria, is about to sign contracts worth 200 million in various markets, and maintains its expectation of invoices between 300 and 500 million this year. For this reason, he demanded a lot of “effort” from the personnel, saying that “the company will take the lead”.
People familiar with the matter said the company is in advanced talks with investors and has “two or three very good options.” It is accepted to hold an extraordinary general assembly meeting before a date is given for the entry of the new capital.
Minister of Industry, Henry Fernandezannounced at the Board yesterday that international circumstances have been added to Duro’s challenges after he was rescued so that management, workers and administrations “must understand the circumstances and do what is necessary on our part to reinvigorate the company for sure. Fernández stressed that “the work and efforts are ongoing to normalize the company’s situation”, but added that “the group has yet to get out of the danger zone.” Daniel Ripa (Podemos) complained that “the only thing that’s growing is the number of directors or what they’re getting.”
Duro’s shares fell 9.71% on the stock market yesterday.