Ab Abengoa ngoa: : a te test st case se? ? Timeline of a - - PowerPoint PPT Presentation

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Ab Abengoa ngoa: : a te test st case se? ? Timeline of a - - PowerPoint PPT Presentation

Jan 02, 2023 137 likes •207 views

Ab Abengoa ngoa: : a te test st case se? ? Timeline of a controversial restructuring Outlook post-restructuring? How Abengoa tested Spanish Insolvency Law status: confidential Abeng ngoa oa: a test t case se? ? Timeline of a

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SLIDE 1

Ab Abengoa ngoa: : a te test st case se? ?

  • Timeline of a controversial restructuring
  • Outlook post-restructuring?
  • How Abengoa tested Spanish Insolvency Law

status: confidential

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SLIDE 2
  • November 2015 to March 2016: pre-concurso

– Viability plan by Alvarez & Marsal; agreement in principle signed by G6 and ad hoc bondholder group (40%)

  • Attestor, Blackrock, Centerbridge, Delta, D.E. Shaw, Elliott, Eton Park, Invesco, KKR, Oak Hill and

Varde

  • 28 March to 28 October 2016: seven-month standstill

– Mid-August: Updated viability plan and Master Restructuring Agreement (MRA) – 24 September: MRA signed by G5 (minus HSBC), bondholder group

  • Abrams Capital, Baupost, Canyon, Centerbridge, D.E. Shaw, Elliott, Hayfin, KKR, Oaktree and Varde

– First appeals trial in Seville (ended 17 October), ruling on 24 October – 28 October: Abengoa files MRA homologacion request with 86% support

Timeline of a controversial restructuring

Abeng ngoa

  • a: a test

t case se? ?

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SLIDE 3
  • 8 December: Chap 15 recognition in the US; 14 December: Chap 11

recognition

  • 19 December: Abengoa Mexico unexpectedly goes into bankruptcy
  • 28 February 2017: Amendment to MRA in favour of hedge funds
  • 28 March: EUR 1.169bn new money commitments deposited
  • 31 March: Closing of restructuring
  • Second appeals trial (July), ruling on 26 September

Timeline of a controversial restructuring

Abeng ngoa

  • a: a test

t case se? ?

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SLIDE 4

Abeng ngoa

  • a: a test

t case se? ?

Outlook post-restructuring?

in EUR Pre-restructuring (Q2 15) Post-restructuring (Q2 17) Total consolidated debt 9.804bn 3.513bn Interest on debt 857m 63.7m EBITDA 1.464bn

  • 166m

Revenue 7.246bn 1.514bn Order backlog ~8bn 1.909bn

=> Consequences of Judge Pedro Marquez’s ruling?

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SLIDE 5

Abeng ngoa

  • a: a test

t case se? ?

  • Two judicial homologacion in one year
  • 5bis for complex, cross-border businesses?

How Abengoa tested the law

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SLIDE 6

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Questions?

status: confidential

Thank you