Tag #Duro Felguera

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cincodias.elpais.com

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Aug 8, 04:14

Duro Felguera Reaches Redundancy Agreement Amid Restructuring

Duro Felguera, a Spanish engineering firm, and its unions reached a preliminary agreement on a redundancy plan affecting 180 employees, with severance payments up to 14 months, as part of a wider restructuring plan involving capital increases, bank guarantees, and potential divestments, all while un...

Duro Felguera Reaches Redundancy Agreement Amid Restructuring

Duro Felguera, a Spanish engineering firm, and its unions reached a preliminary agreement on a redundancy plan affecting 180 employees, with severance payments up to 14 months, as part of a wider restructuring plan involving capital increases, bank guarantees, and potential divestments, all while un...

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What is the immediate impact of the redundancy agreement on Duro Felguera's workforce and its financial situation?

Duro Felguera, a Spanish engineering company, has reached a preliminary agreement with unions on a redundancy plan affecting 180 of its 1,400 employees. The agreement includes severance payments of 25 days per year worked, capped at 14 monthly payments, and will be implemented until June 2026. The deal has been approved by most union representatives but rejected by some.

cincodias.elpais.com

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Feb 12, 13:16

SEPI's Potential Equity Injection to Save Duro Felguera

Duro Felguera's stock price jumped 10% on February 11th, due to the anticipation of SEPI converting a "120 million euro loan" into equity on February 12th, a crucial step in the company's pre-bankruptcy restructuring process that ends March 11th, to avoid complete bankruptcy.

SEPI's Potential Equity Injection to Save Duro Felguera

Duro Felguera's stock price jumped 10% on February 11th, due to the anticipation of SEPI converting a "120 million euro loan" into equity on February 12th, a crucial step in the company's pre-bankruptcy restructuring process that ends March 11th, to avoid complete bankruptcy.

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How did Duro Felguera's pre-bankruptcy filing and subsequent actions lead to SEPI's potential intervention?

SEPI's potential equity injection is a lifeline for Duro Felguera, addressing its debt burden stemming from the pandemic. This move is in response to Duro Felguera's December 11th pre-bankruptcy filing, which aimed to restructure operations and preserve jobs. The Minor Shareholders' Union also supports SEPI's capital conversion.

cincodias.elpais.com

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Dec 11, 22:09

Duro Felguera Files for Pre-Bankruptcy Amidst \$413 Million Algerian Dispute

Duro Felguera, a Spanish engineering firm, filed for pre-bankruptcy in Gijón, Spain, on Wednesday, December 6, 2024, to negotiate a restructuring plan with creditors after an Algerian energy company, Sonelgaz, claimed \$413 million due to a suspended power plant project.

Duro Felguera Files for Pre-Bankruptcy Amidst \$413 Million Algerian Dispute

Duro Felguera, a Spanish engineering firm, filed for pre-bankruptcy in Gijón, Spain, on Wednesday, December 6, 2024, to negotiate a restructuring plan with creditors after an Algerian energy company, Sonelgaz, claimed \$413 million due to a suspended power plant project.

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How did the Algerian contract dispute contribute to Duro Felguera's current financial crisis?

"The company, previously rescued by a \$120 million state loan in 2021, faces a significant financial crisis stemming from the Algerian dispute. This has forced Duro Felguera to restate its 2022 and 2023 accounts, adding a \$100 million provision, and impacting its stock price which is currently suspended."

elpais.com

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Jul 7, 07:13

Duro Felguera to Lay Off 700 Employees Amidst Financial Crisis

Spanish engineering firm Duro Felguera, once valued at over €1 billion, is now worth less than €50 million and will lay off nearly 700 employees due to financial struggles, legal battles, and contract defaults; the company is in pre-bankruptcy proceedings and plans to sell its El Tallerón plant to I...

Duro Felguera to Lay Off 700 Employees Amidst Financial Crisis

Spanish engineering firm Duro Felguera, once valued at over €1 billion, is now worth less than €50 million and will lay off nearly 700 employees due to financial struggles, legal battles, and contract defaults; the company is in pre-bankruptcy proceedings and plans to sell its El Tallerón plant to I...

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What factors contributed to Duro Felguera's financial decline, and what role did the Algerian contract dispute play?

The restructuring aims to eliminate unprofitable business lines and strengthen core units, focusing on those with higher potential for growth. This comes after securing a €120 million bailout from the Spanish government in 2021 and resolving a major €413 million legal dispute in Algeria. The company's plan involves selling its El Tallerón plant to Indra for €3.6 million, maintaining its Mompresa subsidiary.

cincodias.elpais.com

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Dec 12, 13:11

Duro Felguera Reports €48.8 Million Loss, Files for Pre-Bankruptcy

Duro Felguera reported a €48.8 million loss in the first half of 2023 due to its troubled Djelfa power plant project in Algeria, leading to a pre-bankruptcy filing to restructure its debt and negotiate with creditors.

Duro Felguera Reports €48.8 Million Loss, Files for Pre-Bankruptcy

Duro Felguera reported a €48.8 million loss in the first half of 2023 due to its troubled Djelfa power plant project in Algeria, leading to a pre-bankruptcy filing to restructure its debt and negotiate with creditors.

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What are the key contractual issues and client-related problems that caused the financial losses in the Djelfa project?

The accounting adjustments reflect Duro Felguera's updated assessment of the Djelfa project, considering the full project completion under a scenario with no financial adjustments from Sonelgaz. This includes a €99 million provision for potential penalties due to delays, impacting the company's financial statements retroactively to 2021.

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