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Monday, June 27, 2022
HomeLatest NewsSEPI is supporting Air Nostrum with 111 million in the last phase...

SEPI is supporting Air Nostrum with 111 million in the last phase of the rescue operation.

Date: June 27, 2022 9:00 pm
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New SEPI lifeguard in the absence of just over 30 days before he can provide further assistance. A public company dependent on the Treasury has just provided a new and long-awaited bailout. The beneficiary was a regional airline. AirNostrum, which will finally receive €111 million in aid after a wait of more than six months. Thus, the company joins other airlines such as Air Europa, Vamos, Volotea or Plus-Ultrawhich has also been hit by the pandemic and forced to request oxygen from this extraordinary government recapitalization tool.

The SEPI board has just confirmed the operation in a statement saying that €111 million will be channeled exclusively through a participatory loan, an unusual formula in a rescue fund (Fasee) as it is customary to pool convertible aid into equity with conventional loans. SEPI defends its consent to the rescue after the “a comprehensive and thorough process of analyzing the economic and legal situation of the companythe impact he has experienced from COVID, the viability plan and the group’s development outlook.” Also taken into account were the guarantees provided to ensure the return of the temporary state financial support that she would receive.

The operation is being advised by KPMG and Grant Thornton, who were given the task last September. as information progresses. At first, the initial forecast for the airline was to receive slightly smaller assistance, in the amount of 103 million euros, and with a different distribution (52 million will be through an equity loan, and the rest through a regular loan). These needs were mostly justified by the poor results of the first covid year.in which the company lost 140 million euros and sank its sales due to restrictions on mobility that were introduced in order to stop the spread of the pandemic.

In addition to the considered economic indicators, SEPI has taken into account the strategic nature of the company and its role in regional connectivity.. The group “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, adding value and creating jobs.” The Treasury-dependent holding company also stresses that Air Nostrum “plays an important role in other areas as it is the supplier and distributor of Iberia Group’s traffic in the Madrid hub.”

airlines in trouble

Thanks to this decision, SEPI has already saved three airlines. The first was Air Europa of the Globalia travel group, which received $475 million from SEPI. Then it was the turn of Plus Ultra, which received almost 53 million euros. He was also a beneficiary of Fasee funds. Airline Vamos, belonging to the group to which it has given its name and which also features the travel agency Nautalia. Unlike this Air Nostrum aid, Some of the benefits mentioned have made a lot of noise in the industry and in public opinion itself.. The rescue of Air Europa was contested by Ryanair, and the rescue of Plus Ultra was heavily criticized by various opposition parties.

Regardless, there is another airline waiting to be rescued: Volotea. This company has requested €185 million from Fasee in a single equity loan, as acknowledged in important fact before Alternative Fixed Income Market (MARF) in December last year. In a statement, he explained that he needed to “rebalance his own funds” and that the assistance “will also make it easier for the company to meet its operational needs in the long term.”



Source: www.lainformacion.com

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