(Adds particulars, background on Abengoa debt position)
MADRID Dec 9 Spain’s Abengoa needs 450 million euros ($ 496 million) in liquidity, adviser KPMG stated in a meeting with creditor banks late on Wednesday despite the fact that banks stated the organization requirements less, a supply present at the talks told Reuters.
Abengoa, attempting to keep away from becoming Spain’s most significant-ever bankruptcy, is negotiating a multimillion-euro lifeline with creditor banks which have asked the organization to guarantee it with new assets.
Banks at the meeting demanded the engineering and renewable energy group – which has biofuel and solar-heated energy plants in the United States – sell assets quickly, such as a 47 % stake in U.S.-listed Abengoa Yield, the supply said.
Abengoa and KPMG, which advises the banks, have been not quickly available for comment.
Obtaining struggled with big debts for a lot more than a year, Abengoa triggered pre-insolvency proceedings last month right after a important investor backed away from a program to inject about 350 million euros ($ 378 million) into the firm.
It demands one hundred million euros to pay salaries by about Dec. 30 and to hold its enterprise operating. Further out, it requirements hundreds of millions in added cash to stay afloat over the subsequent 4 months – the maximum time permitted to renegotiate its debt beneath Spanish law.
Spanish and international banks’ total exposure to Abengoa stands at about 20.two billion euros, like financing for projects, a supply familiar with the matter mentioned at the end of September.
KPMG, creditor banks and Abengoa will meet on Thursday to continue talks, sources with expertise of the matter said. ($ 1 = .9077 euros) (Reporting By Carlos Ruano, Writing by Sonya Dowsett, Editing by Julien Toyer and Tom Brown)