Mediterranean Generation (Gemsa) 10 power plants The group Albanesi Group announced the following earlier this month: Will launch an exchange to restructure defaulted debtsis approaching US$ 1 billion.
“The companies hope to formally launch the offer this month to all public investors with negotiable obligations.” Jemsa reported, alluding to herself. Roka Thermal Power Plantan absorbed company, but it was also a broadcasting station for . Negotiable obligations (ON) To redeem.
A memo sent this Thursday said: National Securities Commission (CNV)the group reported last month: Held meetings and communications with an ad hoc group of investorsConsists of major creditors.Holds a significant percentage of guaranteed class XXXIX ON, which matures in 2031 (ON 2031)” he introduced.
At those meetings he added:Alternatives and possible amendments to the tentative proposal on the restructuring of financial liabilities were discussed.“.This insinuation is Tentative restructuring plan announced by the group on October 8th.
According to the proposal, The group plans to grow its revenue from US$348 million in 2025 to US$390 million in 2028. after that, Stable at approximately USD 388 million by 2035. he Expected EBITDA It’s from USD 219 million This year, we will proceed to USD 237 million in 2026 and will be integrated US$169 million Ten years later.
he Capital investment It will become stronger in the first two years –36 million USD (2025) and 35 million USD (2026) – predicted Fixed amount of USD 20 million until 2035. on the other hand, Cash flow before debt repayment it will go up 162 million USD This year 193 million USD in 2027goes down to 155 million USD in 2028 after that, Will range from USD 141 million to USD 143 million Until the end of the next decade.
The cancellation of Commercial debt with suppliers (US$60 million) in 3 years from January 2026. In connection with financial debtpredicts that: project bonddepending on what the creditor accepts. The cancellation of 80% of debt capital will be extended for 36 months and the remaining 20% for 18 months..
of 2031 bonus (This will be extended until) 2035) is available Cash interest rate is 6.75% and amortization schedule of 2.5% semi-annually From March 2027, 5% every six months between 2028 and March 2032; and 7.5% semi-annually from March 2033 Until expiration date.
of ON No guarantee they go 2038, 2.5% cash rate. he amortization schedule It’s from 10% every six months from September 2033.
“As of the date of this document, negotiations with Ad Hoc Group continue under a new non-disclosure agreement.“Mr. Jemsa made this clear in a memo sent on Thursday of this week. However, he added:”At the same time, the companies and their advisors have been meeting with various investors who together hold significant proportions of various classes of unsecured ON issued by the companies and Albanesi Energia, and receiving comments from them on the terms of the preliminary proposal, which has been formally submitted for consideration.”.
albanesi energy This is another company that Gemsa has absorbed.
The memo adds:Similarly, the companies are working on documentation that will allow them to formally begin the membership application process to implement all unsecured ON restructurings, both those governed by local law and those internationally located pursuant to foreign law.”.
“The companies expect that the proposal, which will be made available to the entire investor public, will include terms substantially similar to the preliminary proposal, with certain improvements aimed at improving the proposal based on comments received from various creditor groups.” he pointed out.
Jemsa is one of them. Main generators in Argentina. As of December 31st, Installed capacity 1833 megawatts (Mw).
After completing a US$600 million investment process last year that doubled its potential, the company now has Liquidity situation – not solvency –That led her to default in June. Partial payment of USD 220 million of negotiable debtto Total debt is $1.1 billion. In December 2024,The company successfully completed a USD 268.7 million securities exchange and issued USD 141 million of new international bonds.
In the last few weeks, Approval received to amend terms of project financing ON (ON Proyectos) totaling USD 438.2 million. In this sense, 96.35% Of the total of these titles, the companies that agreed to the changes marked the first milestone in a comprehensive financial restructuring that the group launched in May.
In this sense, A total of USD 930 million remains to be refinanced to other ONs, both guaranteed and unsecured.
he Total debt The group’s 1,477 million USD.
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