Duro Felguera requested a three-month extension from the previous conclusion of the creditors to whom it was lodged at the end of last December to address negotiations with financial entities, after failing to reach an agreement, up to now, with the State Industrial Holdings Company (SEPI), thus extending the period until June 11.
«The company and its subsidiary Hard Felguera Energy Storage, Duro Felguera Green Tech, Duro Felguera Heavy Caldería, DF MOMPRESA, Operaciones DF y Montajes, Duro Felguera Oil & Gas, Duro Felguera Systems and DFOM Biomas Spanish company, extending the communication of opening of the negotiation of the negotiation of the negotiation of the negotiation of the negotiation of the negotiation of the negotiation of the negotiation. Additionally for three months,» the company said in a statement sent to the national market (CNMV).
The Company obtained compliance from 96.5% of the creditors who may be affected by the restructuring, while the extension request is accompanied by a responsible declaration, signed by Duro Felguera.
Sources from the Asturian engineering confirmed that Hard Felguera’s board of directors would meet on Monday, in a context marked by the numerous meetings that have taken place in recent days to discuss the crisis facing the company.
Mexican control partners and Mota-Engil México and Sepi, who have two seats on the Spanish company’s board of directors, also considered the possibility that Duro Felguera would directly request the competition of the creditors.
The government, through SEPI, should transform the 120 million euros that they requested in the middle of the pandemic, which would offer the majority of the capital.
In this context, the company acknowledged that it was «concerned» after the meeting held by the board of directors on February 12 with public detention, which caused, among other issues, the swift response of minority shareholders, who saw it as «essential» that SEPI capitalize on the company’s engineering debt.
Duro Felguera requested the previous conclusion of the creditors on December 11 before the commercial courts in Gijón to initiate negotiations for the approval of a restructuring plan, which would allow for future viability and the preservation of the largest number of jobs.
Sources from the Asturian engineering have confirmed to Europe Press that there is no news this Sunday about Duro Felguera in Algeria, two days before the possible pre -conduction of the creditors, to unblock the DJELFA project, which would mean an agreement with the Algerian energy company Sonelgaz.
From Algeria, Sonelgaz, the client, filed a request for arbitration against the Asturian engineering company for the suspension of the DJELFA contract, which involves the construction of a combined cycle plant.
In this request, the energetic Algerian company requested the increase of the contract suspension, which was blocked last June, and to resume work, as well as compensation of approximately 413 million euros.
This was the «trigger» that led Duro Felguera to request the pre-creditors’ conquest on December 11 before the courts in Gijón, because the Algerian arbitration led to the fact that Asturian had to express its financial results for 2022, after taking 100 million euros in its accounts for the Djelfa project.
