Ab Abengoa ngoa: : a te test st case se? ? Timeline of a - PowerPoint PPT Presentation

Ab Abengoa ngoa: : a te test st case se? ? • Timeline of a controversial restructuring • Outlook post-restructuring? • How Abengoa tested Spanish Insolvency Law status: confidential

Abeng ngoa oa: a test t case se? ? Timeline of a controversial restructuring • November 2015 to March 2016: pre-concurso – Viability plan by Alvarez & Marsal; agreement in principle signed by G6 and ad hoc bondholder group (40%) • Attestor, Blackrock , Centerbridge, Delta , D.E. Shaw, Elliott, Eton Park, Invesco , KKR, Oak Hill and Varde • 28 March to 28 October 2016: seven-month standstill – Mid-August: Updated viability plan and Master Restructuring Agreement (MRA) – 24 September: MRA signed by G5 (minus HSBC), bondholder group • Abrams Capital, Baupost, Canyon , Centerbridge, D.E. Shaw, Elliott, Hayfin , KKR, Oaktree and Varde – First appeals trial in Seville (ended 17 October), ruling on 24 October – 28 October: Abengoa files MRA homologacion request with 86% support

Abeng ngoa oa: a test t case se? ? Timeline of a controversial restructuring • 8 December: Chap 15 recognition in the US ; 14 December: Chap 11 recognition • 19 December: Abengoa Mexico unexpectedly goes into bankruptcy • 28 February 2017: Amendment to MRA in favour of hedge funds • 28 March: EUR 1.169bn new money commitments deposited • 31 March: Closing of restructuring • Second appeals trial (July), ruling on 26 September

Abeng ngoa oa: a test t case se? ? Outlook post-restructuring? in EUR Pre-restructuring (Q2 15) Post-restructuring (Q2 17) Total consolidated debt 9.804bn 3.513bn Interest on debt 857m 63.7m EBITDA 1.464bn -166m Revenue 7.246bn 1.514bn Order backlog ~8bn 1.909bn => Consequences of Judge Pedro Marquez’s ruling?

Abeng ngoa oa: a test t case se? ? How Abengoa tested the law • Two judicial homologacion in one year • 5bis for complex, cross-border businesses?

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