Spanish solar energy firm Abengoa facing $29.6 billion bankruptcy
http://www.news.com.au/finance/business/other-industries/spanish-solar-energy-firm-abengoa-facing-296-billion-bankruptcy/news-story/aa119d77a29f11e16e9839e425fc30c0
WELL this is awkward.
A renewable energy company personally picked by US President Barack Obama is on the verge of collapse, potentially leaving international banks on the hook for around $29.6 billion.
Abengoa, a Spanish solar energy firm which has received $3.74 billion in loans from the US government since 2010 to construct several large-scale solar projects, looks set to become the largest bankruptcy in Spanish history.
On Friday, Abengoa said its chief executive Santiago Seage had resigned as the company announced the start of insolvency proceedings. It came just as President Obama was preparing to travel to Paris for the COP 21 Climate Change Summit.
The company announced Wednesday that a deal with Spanish engineering group Gestamp — which had been due to inject much-needed cash into the firm — had fallen through, leaving it with a mountain of debt and the threat of becoming Spain’s biggest-ever corporate failure.
On Friday, it said it had accepted “the resignation of Santiago Seage”, adding all operational powers would now be in the hands of board chairman Jose Dominguez Abascal.
Gestamp subsidiary Gonvarri had planned to buy up 28 per cent of Abengoa for some $A512 million (350 million euros), which would have made it the renewable energy firm’s biggest shareholder.
But the deal fell through, and a court in the southern city of Seville — where the company is headquartered — said Friday it had launched bankruptcy proceedings, which offers Abengoa protection from creditors for up to four months until it finds a solution.
Unions and politicians are increasingly concerned about the fate of the 70-year-old firm, which employs 28,700 people around the world, including 7,000 in Spain.
Alberto Garzon, Spain’s far-left candidate to December general elections, called on the government to rescue the company, while UGT, one of Spain’s main unions, urged the authorities to find a solution.
Barack Obama, second left, and Brazil’s President Dilma Rousseff, right, pose with world leaders for a group photo at the COP 21 Climate Change Conference.
Barack Obama, second left, and Brazil’s President Dilma Rousseff, right, pose with world leaders for a group photo at the COP 21 Climate Change Conference.Source:AP
Shares in Abengoa went into free fall last week after it emerged the renewable energy giant was close to bankruptcy following years of unsustainable expansion.
Shares in Abengoa went into free fall last week after it emerged the renewable energy giant was close to bankruptcy following years of unsustainable expansion.Source:AFP
“What we cannot allow — neither Abengoa workers, nor Spanish society, nor the industrial sector of our country — is to let this company disappear,” UGT head Candido Mendez told Cadena Ser radio.
Economy Minister Luis de Guindos told reporters it was important for the world player in solar and wind power, biofuels and water management to find “an industrial partner”, but he appeared to reject any bailout of the group.
“Any action by the government will be constructive, but we also have to take into account that there are limits in European regulations with regards to state aid,” he said.
De Guindos said from “a business point of view”, the company was viable.
“Now what is most important is to find out exactly what the accounting and debt situation of the company is.”
Shares in Abengoa have been suspended from Spain’s main Ibex-35 index after they went into free fall, losing about 60 per cent of their value.
Daniel Simmons, vice president of policy at the conservative Institute for Energy Research, told The Washington Times the failure was another reminder that government “meddling” in the energy sector led to disaster for taxpayers.
“When you have a company that is based on subsidies, it is no surprise they run into financial trouble because their business model isn’t based on economics; it’s based on politics,” said Mr Simmons.
“The government money fuelled Abengoa’s growth. They fuelled their desire to take on more debt. It’s now obvious they have a very serious debt problem.
“What is troubling is that if there are large projects that private-sector people think they’ll be able to make money on, there’s no need to take those projects to a government. That’s where these projects go wrong: thinking governments will necessarily make good investment decisions.”
อ่านแล้วหลักใหญ่ดูเหมือนเกิดจากหนี้ที่มากเกินไป จนไม่สามารถจ่ายเงินต้นกับดอกเบี้ยได้ ไม่เป็นไปตามหลักเศรษฐศาสตร์
และดูเหมือนมีการเมืองมาเกี่ยวข้องด้วย จริงๆอาจมีปัญหาลึกๆมากกว่านี้ที่บทความเขียน
ที่สำคัญบริษัทนี้ก่อตั้งมา 70 ปีและจ้างคนงาน 28000 คน
และจดทะเบียนในตลาดหลักทรัพย์สเปน ตอนนี้ราคาหุ้นตกไป 60 % และขึ้นเครื่องหมาย SP
มาดูหุ้นพลังานทางเลือกบ้านเราบ้าง มาดูอตราส่วนหนี้คร่าวๆ D/E
SPCG 2.36
IFEC 0.66
EA 2.24
DEMCO 0.86
SOLAR 0.69
CKP 1.29
GUNKUL 1.46
ช็อค!!!!! บริษัทยักษ์ใหญ่ พลังงานไฟฟ้าแสงอาทิตย์ พลังงานลม สเปน เผชิญกับภาวะล้มละลาย
http://www.news.com.au/finance/business/other-industries/spanish-solar-energy-firm-abengoa-facing-296-billion-bankruptcy/news-story/aa119d77a29f11e16e9839e425fc30c0
WELL this is awkward.
A renewable energy company personally picked by US President Barack Obama is on the verge of collapse, potentially leaving international banks on the hook for around $29.6 billion.
Abengoa, a Spanish solar energy firm which has received $3.74 billion in loans from the US government since 2010 to construct several large-scale solar projects, looks set to become the largest bankruptcy in Spanish history.
On Friday, Abengoa said its chief executive Santiago Seage had resigned as the company announced the start of insolvency proceedings. It came just as President Obama was preparing to travel to Paris for the COP 21 Climate Change Summit.
The company announced Wednesday that a deal with Spanish engineering group Gestamp — which had been due to inject much-needed cash into the firm — had fallen through, leaving it with a mountain of debt and the threat of becoming Spain’s biggest-ever corporate failure.
On Friday, it said it had accepted “the resignation of Santiago Seage”, adding all operational powers would now be in the hands of board chairman Jose Dominguez Abascal.
Gestamp subsidiary Gonvarri had planned to buy up 28 per cent of Abengoa for some $A512 million (350 million euros), which would have made it the renewable energy firm’s biggest shareholder.
But the deal fell through, and a court in the southern city of Seville — where the company is headquartered — said Friday it had launched bankruptcy proceedings, which offers Abengoa protection from creditors for up to four months until it finds a solution.
Unions and politicians are increasingly concerned about the fate of the 70-year-old firm, which employs 28,700 people around the world, including 7,000 in Spain.
Alberto Garzon, Spain’s far-left candidate to December general elections, called on the government to rescue the company, while UGT, one of Spain’s main unions, urged the authorities to find a solution.
Barack Obama, second left, and Brazil’s President Dilma Rousseff, right, pose with world leaders for a group photo at the COP 21 Climate Change Conference.
Barack Obama, second left, and Brazil’s President Dilma Rousseff, right, pose with world leaders for a group photo at the COP 21 Climate Change Conference.Source:AP
Shares in Abengoa went into free fall last week after it emerged the renewable energy giant was close to bankruptcy following years of unsustainable expansion.
Shares in Abengoa went into free fall last week after it emerged the renewable energy giant was close to bankruptcy following years of unsustainable expansion.Source:AFP
“What we cannot allow — neither Abengoa workers, nor Spanish society, nor the industrial sector of our country — is to let this company disappear,” UGT head Candido Mendez told Cadena Ser radio.
Economy Minister Luis de Guindos told reporters it was important for the world player in solar and wind power, biofuels and water management to find “an industrial partner”, but he appeared to reject any bailout of the group.
“Any action by the government will be constructive, but we also have to take into account that there are limits in European regulations with regards to state aid,” he said.
De Guindos said from “a business point of view”, the company was viable.
“Now what is most important is to find out exactly what the accounting and debt situation of the company is.”
Shares in Abengoa have been suspended from Spain’s main Ibex-35 index after they went into free fall, losing about 60 per cent of their value.
Daniel Simmons, vice president of policy at the conservative Institute for Energy Research, told The Washington Times the failure was another reminder that government “meddling” in the energy sector led to disaster for taxpayers.
“When you have a company that is based on subsidies, it is no surprise they run into financial trouble because their business model isn’t based on economics; it’s based on politics,” said Mr Simmons.
“The government money fuelled Abengoa’s growth. They fuelled their desire to take on more debt. It’s now obvious they have a very serious debt problem.
“What is troubling is that if there are large projects that private-sector people think they’ll be able to make money on, there’s no need to take those projects to a government. That’s where these projects go wrong: thinking governments will necessarily make good investment decisions.”
อ่านแล้วหลักใหญ่ดูเหมือนเกิดจากหนี้ที่มากเกินไป จนไม่สามารถจ่ายเงินต้นกับดอกเบี้ยได้ ไม่เป็นไปตามหลักเศรษฐศาสตร์
และดูเหมือนมีการเมืองมาเกี่ยวข้องด้วย จริงๆอาจมีปัญหาลึกๆมากกว่านี้ที่บทความเขียน
ที่สำคัญบริษัทนี้ก่อตั้งมา 70 ปีและจ้างคนงาน 28000 คน
และจดทะเบียนในตลาดหลักทรัพย์สเปน ตอนนี้ราคาหุ้นตกไป 60 % และขึ้นเครื่องหมาย SP
มาดูหุ้นพลังานทางเลือกบ้านเราบ้าง มาดูอตราส่วนหนี้คร่าวๆ D/E
SPCG 2.36
IFEC 0.66
EA 2.24
DEMCO 0.86
SOLAR 0.69
CKP 1.29
GUNKUL 1.46