Banks and bondholders own new Isolux
Banks and bondholders own 94.57% of the capital of Isolux after the initial conversion made as a result of the offsetting of credits with the engineering and construction group. Caixabank, Banco Santander and Bankia account for 30.48% of the capital of the new Isolux.
The bondholders from today are holders of 41.80% of the shares of Isolux. Caxibank is the main shareholder with 14.36%, followed by Santander (9.58%), Bankia (6.54%), Sabadell (4.19%) and ING (3.05%). Liberbank, Societé Générale, Banco de Castilla-La Mancha, SA, Unicaja, Natixis, Novo Banco, Bankinter, Abanca, Banco de la Nación Argentina, Banco Mare Nostum, BMCE, BNP Paribas, Caja Rural de Teruel, Commerzbank, Ibercaja, Mapfre, Popular and Banco CEISS (Banco de Caja España de Inversiones, Salamanca y Soria) have percentages of capital, although below 3%.
The previous majority shareholders, including the companies of Luis Delso and José Gomis, have seen their shareholding diluted to 5.43%.
The conversion made today is part of the financial restructuring agreement approved by 92% of the creditors last July 28 and approved by the Commercial Court Number 2 in Madrid at the end of October. The Restructuring Agreement sets forth three debt tranches: Tranche A, amounting €377 millions, of which €200 millions is new money; Tranche B, amounting €580 million (and up to €750 million), which is considered as sustainable debt in accordance with the Group’s capacity to generate cash; and Tranche C, of approximately €1,409 million, which will be partially converted into equity through different instruments. The first of these conversions was just made, giving rise to the new shareholder composition.
The request for the formal implementation of the restructuring agreement in court (homologación judicial), which took place at the end of July, led to a change in the board of directors, consisting of nine directors: of which seven are independent and two executives, including the Isolux Corsan chairman, Nemesio Fernández-Cuesta. With the support of the new shareholders, the management team is trying to recover normal operations, re-generate business backloag and execute the divestment plan to cover the financial requierements of the company.
