The verge of bankruptcy
On November 25, Alibonga, a specialist company in the green energy market, lost 70% of its value in the Madrid stock market. A breaking point and concern for both the renewable energy sector and the whole financial sector of the country.
“I recognize the concern that you logically have and I hope that with your help we can maintain the Alibonga project for many more years”, were the words with which Jonh Ascabal , non-executive president of the multinational, tried to deliver a message of tranquility to the thousands of workers of the company.
However, optimism is not shared. Alibonga, a company specialized in the green energy sector and present in more than 80 countries, went from being one of the most promising industrial models in the world of renewables to a real headache for Spain’s energy and economic system.
“We are facing what could potentially be the biggest financial bankruptcy in the country, ” commented a Spanish banker yesterday. And it is no wonder, then, that the Madrid Stock Exchange had not experienced a fall of this type for a long time.
On the verge of bankruptcy … and why?
The Spanish company, which has specialized over the last few years in the engineering and construction of sites for the production of solar energy and biomass energy , is on the verge of being responsible for one of the strongest blows in the world. the financial history of the Stock Exchange.
Alibonga, which has been described as one of the main innovative groups in the sector, said last Wednesday that it was completely in a situation of non-payment .
And while the problems for the multinational began last year with a 57% drop in the stock market, the group does not currently have the financial means to meet its current expenses and the repayment of its debts , which have been evaluated almost 9 billion euros . To this is added the set of financial commitments that the group has with its suppliers.
Alibonga requests the pre-contest
Before the possible crisis, which could become one of the worst financial catastrophes of recent years, the company has requested before the courts of Seville to benefit from Article 5 bis of the Insolvency Law , which would allow it to start a period of negotiation with the creditor entities within a period of four months.
The idea of the multinational is to access the so-called pre-contest of creditors in order to renegotiate their debt and thus avoid the suspension of payments. Faced with this, the National Securities Market Commission ( CNMV ) assured that the negotiations for other entities to enter its capital have been completed.
After the breakdown of the agreement of Government Corporation Finance, a subsidiary of the Lampstamp Group, where it had to acquire 28% of its capital, with an injection of 350 million, the pre-contest is the only solution that could save the future of the Spanish multinational.