Abengoa, at risk of dissolution, would seek to do business in Chubut

This week it transcended the company Abengoa would be interested in doing business starting an operation in Chubut. However, it emerged that the company sought to compete in new projects when it is deemed to be in a state of bankruptcy.
The board of directors of Abengoa announced that it will release the accounts for 2019, which had been delayed since it reviewed its feasibility plan and commissioned an independent expert to determine a valuation, according to which the company’s equity was negative for that year in the amount of 388 million (which put it in liquidation).
In the communication to the National Securities Market Commission (CNMV), Abengoa states that it is waiting for the corresponding reports from the auditor in order to publish the accounts for that year. It also states that, once the reports of the company’s accounts for the individual and consolidated accounts for the financial year 2019 are received, they will be published immediately, as well as the convening of the shareholders’ meeting for approval.
Meanwhile, the negotiation between Abengoa’s main creditors, the bank and the Official Credit Institute (ICO) to close a debt restructuring agreement of the company continues and the deadline to sign the operation has been extended once again, on this occasion until February 19th.
The former leadership of the company had sought investment alternatives that did not prosper. Despite the efforts to make Abengoa, the parent company,does not go bankrupt, the outcome seems difficult to avoid.
The losses reported in 2019 and the uncertainty about the restructuring plan call into question the balance of the company and would not be reliable for the realisation of projects.