The SEPI requires Duro Felguera a transparent future plan earlier than turning its mortgage into capital | Companies | EUROtoday

There has been no Blanca Fumata. The assembly that Felguera and the State Society of Industrial Participations (SEPI) have held this Wednesday till the night time has ended with out settlement. The goal of Asturian engineering was to persuade the state to show 100 of the 120 million that lent him in 2021 to attain some air and keep away from the collectors contest. The administration of the corporate, which assured {that a} plan to the SEPI would current on Wednesday, which might solely be viable if the State took cost of the scenario, has not achieved its goal, however each events have been situated to proceed negotiating. The SEPI, which has two seats within the Council and has not dominated in public for or in opposition to the potential of turning its mortgage into capital, has transmitted to the corporate that it’s going to solely transfer a file if Duro Felguera presents a transparent plan of Future to make sure the viability of the corporate, in keeping with close by sources from conversations to this newspaper.

Prior to the Board of Directors on Wednesday, the corporate had lived an important day within the inventory market with an increase of 12.2% by the assumption of the market that the SEPI would successfully flip its mortgage into capital. Duro Felguera has reached this example because of the lack of necessary industrial initiatives that generate a field and the litigation with Sonelgaz in Algeria, which asks the Asturian to 413 million. This energetic submitted an arbitration request in opposition to the Asturian that prompted a inventory market on November 25, which led to the CNMV to droop its value. Thus he remained till December 13, two days after he reported that he entered preoccupically to barter along with his collectors, together with the SEPI.

The motive for the demand for Sonelgaz is because of the suspension in June of the works of a mixed cycle plant in Djelffa. As defined by engineering on the finish of November, the explanation for such suspension was the fixed breaches of Sonelgaz for the reason that signing of the contract in 2014, which led Duro Felguera to submit two claims: one price 65 million in 2019; and one other of 113 million in 2020, making a complete of 178 million.

In an announcement despatched in November to the CNMV, the Asturian made a chronology of what occurred with Sonelgaz. In March 2020, as a consequence of the Covid-19 Pandemia, Duro Felguera notified the suspension of the contract, “as a situation of force majeure”, which was rejected by Sonelgaz. When an settlement was not reached, in July of that 12 months, the Spanish filed an arbitration request earlier than the Chamber of Commerce and Industry of Algeria. However, the scenario between the 2 corporations was redirected and in July 2021 signed peace with a protocol by which Sonelgaz promised to review the claims of Duro Felguera, one thing that lastly didn’t occur.

Almost a 12 months later, in June 2022, there may be the breakdown of the Friendship Treaty and good neighborhood between Algeria and Spain for the positioning of the latter in favor of Morocco within the Saharawi case. Therefore, the Maghreb Country imposed a blockade on Spanish financial institution exports and transactions (one thing that remained till November 2024). “In these circumstances, and after multiple attempts on, on June 18, 2024 the suspension of the works was communicated to the client. Duro Felguera then starts working in the reactivation of arbitration, ”added engineering.

For all these causes, Duro Felguera stated that he would current a letter rejecting the declare of the Algerian “by understanding that the suspension of the contract is in accordance with the law due to the breaches in which Sonelgaz has incurred”, and indicated that “it intends to request the compensation of the damages and damages caused that may correspond, whose amount is about to be defined. ”

The disaster with Sonelgaz arrived simply weeks after the corporate modified its dome, with the departure of the earlier CEO, Jaime Argüelles. The Board of Directors turned chaired by Eduardo Espinosa, who changed Jaime Isita, a robust man designated by the Mexican house owners of Duro Felguera, who turned vice chairman.