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HomeLatest NewsSEPI approves $111 million rescue of regional airline Air Nostrum.

SEPI approves $111 million rescue of regional airline Air Nostrum.

Date: June 27, 2022 9:25 pm
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According to Europa Press, the board of the Strategic Companies Solvency Support Fund has approved a €111 million bailout for regional airline Air Nostrum, which will be financed entirely by an equity loan.

The operation was approved by the governing board of the fund, managed by the State Company for Industrial Participation (SEPI), “after a comprehensive and thorough analysis of the economic and legal situation of the company, the impact it has experienced due to Covid-19, the viability plan presented by Air Nostrum, and the group’s development prospects and the guarantees provided to ensure the return of the temporary government financial support it will receive,” SEPI said in a statement.

The company consists of parent holding company Air Investment Valencia and its subsidiaries Air Nostrum Líneas Aéreas Del Mediterráneo, Air Nostrum Engineering And Maintenance Operations, Air Nostrum Global Services, Ara Gestion De Tripulaciones y Vuelo and Air Nostrum Training Operations.

Air Nostrum is an airline specializing in passenger transportation. It was founded in 1994 with the aim of launching the first private regional aviation project in Spain. The group has four other lines of business: management support and advisory services, aircraft maintenance, aviation training, and integrated crew and schedule management.

SEPI notes that the company is the leader in regional air transport in Spain and one of the five most important companies in the Valencian Community. Its activities play a “very important role as an economic engine that creates added value and jobs.”

Air Nostrum plays an important role in other areas as well, as it is the supplier and distributor of traffic for the Iberia group in the Madrid “Hub”. In addition, it promotes national tourism and is considered “Spain’s flagship airline in niche markets, ultra-peripheral communities and routes in line with public service commitments.”

Staff 1400 people

The airline’s turnover rose to 539 million euros at the end of 2019, which, together with its national workforce of 1,400 direct employees and 2,100 indirect employees, shows its impact on the Spanish workforce.

The health crisis caused the company’s sales in 2020 to fall by 40% compared to 2019 and 82.25 million euros in gross operating profit (Ebitda), which meant a loss of 144 million euros and left the company in a situation of equity deficit.

This new operation of the Business Solvency Support Fund will be submitted for approval by the Council of Ministers and will thus be added to the 21 operations already approved for Air Europa, Ávoris Corporación Empresarial, Plus Ultra Líneas Aéreas, Duro Felguera, Tubos Reunidos, Rugui Steel. , Hotusa, Grupo Airtificial, Grupo Serhs and Reinosa Forgings & Castings, Grupo Losán, Grupo Soho Boutique Hotels, Grupo Abades, Técnicas Reunidas, Grupo Wamos, Eurodivisas, Grupo Ferroatlántica, Grupo Inversor Hesperia (GIHSA), Grupo Abba, Grupo Julià and Grupo Mediterranean Sea.

The aid comes from the aforementioned Solvency Support Fund, an instrument that aims to protect economic activity and employment in Spanish companies while the impact of the pandemic continues. This is one of the tools



Source: www.eldiario.es

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