Cox Energy sent an offer for To buy all business and corporate spaces for 564 million euros Abengoa reported in a statement containing its offer.
Industrial group operating in Spain and Latin America, headed by Enrique Riquelme, will pay a minimum of 27.3 million to the competition with a mechanism that will increase this value in the future, it also guarantees 100% repayment of preferred loans, based on the bankruptcy administration’s assessment of creditors.
in your offerCox Energy said it will take on €206 million of outstanding debt and guarantees for Abengoa projects, as well as €252 million of ‘Project Financing’ debt, which the Sevillian engineering company attributes to other assets. It will also take responsibility for the €22.8 million pending payments in social security and guarantee 100% repayment of concessional loans to creditors.
On the other hand, the financial plan includes: A €300 million guarantee line and the workload to be provided reduce Abengoa’s treasury needs by two-thirds.
Payment of late salaries
As noted in Cox Energy’s improvement proposal submitted to the bankruptcy administration last Friday, the company has also committed up to 50m euros to reduce its cash needs.and 2.5 million euros of this was allocated to pay the late payrolls of the employees of the Andalusian company.
At the same time, Cox Energy has committed an additional €7.5 million if given.It will be paid in the period from the announcement of the tender decision until the acquisition of the company.
“Abengoa is a strategic company for Spain and we want it to be the benchmark once again. We believe that our proposal will allow us to form a leading group for the development of energy solutions”, He pointed to Enrique Riquelme, president of Cox Energy, after he made the offer public.
First contract in Chile
Far from remaining a summary of intentions, Cox Energy’s commitment has already begun to materialize with the direct award of a €200m contract to Abengoa for the construction of the Sol del Vallenar photovoltaic plant in Chile. The project will be developed over 18 months and will employ more than 1,000 people.
“This This is the first of the contracts that will go live in both Chile and Spain in the coming weeks. “Riquelme will be boosted by a new portfolio of new high-visibility projects that will be executed under the same guaranteed profitability plan for the period 2026-2030.”
They stressed that their offer from Cox Energy is the only one that includes an industrial plan. For Abengoa, “solid” assuring the viability of the company in the “short, medium and long term” and allowing the company to maintain more than 9,500 jobs.
In addition to Cox Energy, Four other companies – Urbas, Ultramar, RCP and Terramar – are competing for the future of Abengoa.