In response to Abengoa’s immediate liquidity challenge, Cox Energy acted promptly with its management committee to authorize a loan that provides financial stability to employees and the organization during the ongoing bankruptcy process. This move underscores Cox Energy’s commitment to sustaining operations and safeguarding the workforce as the proceedings unfold, a stance reported by Cox Energy itself.
This initiative will join other measures Cox Energy will present as part of its bid remediation process concerning Abengoa’s bankruptcy, which is expected to conclude on March 1. The loan received approval from the Bankruptcy Administration and was forwarded to the Commercial Court of Seville, part three of the proceedings. The timing and formal approvals reflect a coordinated effort to stabilize Abengoa during a challenging period, according to Cox Energy’s disclosures.
The proposal from Cox Energy, as presented by the company, stands out as the sole offer featuring a robust industrial plan designed to guarantee Abengoa’s viability in the short, medium, and long term. This plan envisions safeguarding more than 9,505 jobs and preserving Abengoa’s headquarters in Seville. By leveraging the geographic complementarity between the two entities, Abengoa’s footprint would extend into regions where Cox Energy already operates, including North America, Colombia, Central America, and the Caribbean. Cox Energy’s overarching objective is to build a leading global engineering group. This achievement is rooted in Cox Energy’s identity as a Spanish industrial firm with a global footprint in the energy sector, supported by stable shareholders and proven solvency, as noted by the company.
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Cox Energy’s activities in Spain and Latin America, with a particular emphasis on Chile, enable the formulation of a financial and industrial plan for the upcoming three years. The plan envisions urgent and substantial workloads for Abengoa, exceeding €3,200 million. This workload will operate under a Cost Plus framework that guarantees profitability for Abengoa. In addition, a fresh portfolio of high-visibility projects for 2026 to 2030 will be introduced, representing a workload that Cox Energy will contribute directly to Abengoa under the same guaranteed profitability arrangement. The approach reflects a strategic blend of immediate needs and long-term growth, aligned with Cox Energy’s broader expansion strategy and Abengoa’s ongoing operational requirements, as stated by Cox Energy’s leadership.
“The loan demonstrates Cox Energy’s commitment to the present and future of Abengoa and to its employees. It signals the financial solidity of Cox Energy’s offer and provides tangible solutions for the company that other market benchmarks may not deliver,” commented Enrique Riquelme, president and co-founder of Cox Energy. The remarks emphasize confidence in the capacity of the proposed plan to deliver real, sustainable results for Abengoa and its workforce.
Riquelme further noted that the offer stands apart as the only one with a validated solvency profile and a solid industrial blueprint that offers a genuine path forward for Abengoa and its workers. This perspective underscores the strategic importance Cox Energy places on a comprehensive, credible recovery plan and its willingness to invest in the company’s long-term stability.