The Spanish construction company OHLA has requested a waiver on its debt from its bondholders following a ruling in Qatar that requires it to pay 26 million euros. The company is seeking the support of more than 50% of its creditors in the assembly convened for this purpose.
The construction firm OHLA has asked banks and bondholders for a waiver on the debt to protect itself from a recent ruling by a court in Qatar that obliges it to pay 26 million euros to subcontractors of the Sidra Hospital in Doha. The information, reported by expansion.com, indicates that the company hopes to secure the support of more than 50% of the votes in its bondholders' assembly.
According to the terms of the contract, OHLA's bondholders, to whom it owes 327 million euros, can enforce the debt if there are judgments over four million that remain unpaid for 30 days. Additionally, they can act if any debt of the company is not paid at its maturity.
As part of its strategy, OHLA has also contacted its creditor banks in search of more flexibility. The company's recourse debt in bonds will mature in 2029 and has an interest rate of 9.5%, which the company plans to renegotiate with a new bond and other financial instruments.
This legal setback in Qatar adds to another ruling in the United States where OHLA had to pay 38.5 million euros.
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