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Abengoa Mexico Restructures its Debt after the Successful Amendment of its Bankruptcy Agreement

Source: www.gulfoilandgas.com 6/30/2020, Location: South America

Abengoa, the international company that applies innovative technology solutions for sustainability in the infrastructure, energy and water sectors, has received court approval, issued by the Sixth District Court in Civil Matters of Mexico City, to the amending agreement of the original bankruptcy agreement subscribed in 2018. This modification, signed by its creditors in 2019, involves the restructuring of Abengoa Mexico’s debt and the implementation of an updated business plan that represents a new starting point in the country.

This restructuring takes places after a negotiation hold between Abengoa Mexico and its creditors during 2019, when both parties agreed to modify the original agreement based on a business plan that were able to guarantee the viability of Abengoa in the country. The amending agreement was submitted for approval to the Court on the 13th November 2019 with a support over an 80% of its creditors.

The recently issued court approval allows Abengoa Mexico to restructure its debt, that exceeded 4,000 million Mexican pesos (around 155 million euros). The agreement, that also seek the greatest recovery for the creditors, implies that the remaining debt will be amortized through a repayment schedule for the next nine years.

Mexico, in where Abengoa has operated for almost 40 years, continues to be a strategic country for the company. This court approval and consequent restructuring represent an important launching point for Abengoa’s boosting in Mexico and the implementation of the new business plan.

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