GLAS plays key role in completion of Abengoa debt restructuring

London, April 2017

GLAS, the leading independent Agency services provider, was mandated in the key role as Restructuring Agent on the highly complex Abengoa, S.A. transaction. GLAS was instrumental in centralising communications, managing various waivers and consents and assisting the deal parties in getting the restructuring over the line. The deal involved implementation of a restructuring plan relating to Abengoa’s global €8.9bn debt pile, which received support from 86% of the creditors and was submitted to the Spanish court in October 2016.

Peerless credentials

GLAS was appointed due to its peerless credentials in the European restructuring market, expertise in Spain and a commercial, pro-active and flexible approach.

Company side lawyers Linklaters said “GLAS were a pragmatic, incredibly responsive and facilitative Restructuring Agent, all of which were vital in completing one of the largest and most complex European restructurings to date.”

Mia Drennan, CEO said:

“We were delighted to be part of this momentous restructuring, this was a highly complex transaction with many stakeholders. Each restructuring is different and our wealth of experience allows us to add value for a successful completion.”

GLAS were already mandated as Agent, Security Agent and Calculation Agent on two rescue financings put in place in March and September 2016.

Debt for equity swap

Post restructuring, which completed at the end of March 2017 and resulted in a debt for equity swap, GLAS will continue its relationship with the Spanish Engineering and renewables group acting as Agent and Security Agent on their new money term loan.

For more information please contact:
Mia Drennan, mia.drennan@glas.agency 
Joe Knight, joe.knight@glas.agency