TOMARIAL's legal department, acting on behalf of its client, has participated together with other creditors in the Abengoa debt restructuring agreement. This agreement, pending ratification by the rest of the creditors, will allow our client and other suppliers to collect a very significant part of the money that the Abengoa company owes them.
The client of our firm on this occasion has been a Dutch multinational, a supplier to Abengoa. It is a creditor to whom the Spanish company owes more than 2 million euros. The negotiation has been carried out by Tomás Vázquez Lépinette, founding partner and director of the Legal Area of TOMARIAL: “At this time the negotiations to restructure debts are of great importance. There are many companies going through a difficult situation and the case of a large company like Abengoa is a good example of how to reach agreements to allow debtors to collect a significant part of what is owed to them by adopting innovative legal solutions. In this specific case, through a deconsolidation operation consisting of the creation of a vehicle company to which a series of assets are transferred that will be used to pay the creditors, with the former creditors of Abengoa becoming creditors of the vehicle company".
Tomás Vázquez Lépinette highlights that this plan has had the strong support of the company's main creditors, the banks, as well as other providers. And also in the availability of ICO credits, "that require for their collection to be paid to providers".
Meanwhile, the former Abengoa has recently submitted its request to avail itself of the bankruptcy law, using the pre-bankruptcy formula. A formula with which you have gained time to negotiate with creditors and add support to your proposed agreement. And, in addition, a new company has been created that will be the parent company of the company, will receive the funds and pay the suppliers.
The magazine Economía 3 has reported on our firm's participation in this process and has published a news that you can read from this link, where it highlights that TOMARIAL vindicates the new bankruptcy law as a tool to help companies. The publication includes the opinion of Tomás Vázquez Lépinette, who analyzes the complexity of the operation and its positive results for creditors.
If you want to know in more detail the operation carried out in Abengoa to avoid bankruptcy, You can read from this link complete information from the newspaper El Confidencial.
