Locations
By the ruling of 25 September 2017, Seville’s Commercial Court no. 2 determined that several of the legal challenges filed by various financial creditors against the order of 8 November 2016, which approved the Refinancing Agreement presented by the Abengoa group and affirmed the extension of the effect of the 97% debt reduction and a 10-year wait for the settlement of the remaining 3% interest-free (“Refinancing Agreement”), to the financial creditors who did not adhere to the Agreement (“Dissident Creditors”).
The Court ruled that the content of the Refinancing Agreement created a disproportionate sacrifice for the Dissident Creditors, for different reasons, and agreed that the terms of the Agreement will not apply to them. Therefore, these creditors can immediately claim 100% of their loans to Abengoa and the other group companies that are within the scope of said refinancing.
Nevertheless, in this ruling the judge upheld the approval of the Refinancing Agreement, such that it retains its validity for the remaining financial creditors who have not challenged the approval order, as well as for those financial creditors who adhered to the Agreement voluntarily.