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  HOME | Uruguay

Spain’s Abengoa to Build New Port Terminal in Uruguay’s Capital

MADRID – Spanish engineering and renewable energy company Abengoa said Tuesday it won a contract to build a new terminal at the port in Montevideo, Uruguay.

The terminal will handle seafood products bound for major foreign markets, reducing congestion on the piers at the Capurro port complex.

Abengoa, which has a 50 percent stake in the consortium that won the contract, will be the project manager for the construction of 1,000 meters (3,278 feet) of piers for industrial fishing boats.

The company has nine months to develop the project and 30 months to complete construction, and it plans to hire about 140 people to build the terminal.

Abengoa, which is highly leveraged, has been negotiating a restructuring plan with creditors since last November in an effort to avoid bankruptcy.

Under the terms of the plan agreed to with its biggest creditors, the new Abengoa would need a capital infusion of between $1.69 billion and $2.03 billion, with the new lenders owning 55 percent of the company.

Abengoa, which posted a loss of $1.37 billion in 2015, has total debt of $10.61 billion and owes suppliers $4.94 billion.

The Spanish company, according to figures released last November, employs 24,306 people and has revenues of $7.91 billion, with 88 percent of sales coming from foreign operations.

 

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