SEPI keeps six sectors on hold after spending only 9% of the bailout fund

pressing State Association of Industrial Partnerships (Quiet) about him Solvency Support Fund for Strategic Companies It is the maximum that in just 15 days the anniversary of its creation will be fulfilled, and the treasury-dependent entity has used 968 million euros out of the 10,000 available, at a rate of 9.68%.

Thirty companies from as many as six sectors are waiting for a bailout that hasn’t arrived, and although SEPI has extended the deadline for asking for help until December, only four companies have benefited from the fund: Air Europa (475 million) Ancestral (320 million), Saab Velqueira (120 million) and More Ultra (53 million).

The rescue of the last company, an airline, has raised all the political alarm due to the relations between the leaders of society and the Venezuelan regime.

And also business, not understanding how a company that operates 0.01% of flights in Spain is considered strategic.


Saving ‘hurt strategies’

Different sources from different companies that require SEPI injections share the same vision: “Plus Ultra support hurts strategic companiesWe have demonstrated our participation in the Spanish economy and that we have a clear feasibility plan.”

Time is short for these companies indulging in defaulting on employees and suppliers; In the best case, with unpaid overdue debts; In the most complex cases, or already in bankruptcy and on the verge of dissolution, the most serious cases.

They are cases of companies like Celsa which requested 700 million euros, Hotosa (320 million), Abengoa (249 million), Vilar Mer Group (240 million euros), Mediapro (230 million) assembled tubes (115 million euros) craving air (103 million), Cargo company weapons (100 million), and amos (75 million), Hesperia (55 million), roommate (52 million), Julia (37 million), air (30 million), sear (35 million) or SOHO (32 million).

See also  Going to Tax Havens, by Jordi Guan

Tourism in the spotlight

Thus, sectors such as energy, transportation, technology, construction, steel or audiovisual are affected.

But it is tourism that stands out above the rest with eight hotel chains – Hutusa, Hesperia, hotel owner (Antigo Petit Palace), roommateAnd the CelentaAnd the SenatorAnd Soho and Sehrs- waiting for an answer.

A situation that pushes the sector to the limit just before the start of the summer season And with news like the UK, a stronghold of the sector, Spain has been left off this summer’s list of safe destinations.

Deadlines are over

For three months now, SEPI has not approved any bailout plan, which means it has been done in some cases The maximum period of six months stipulated for receiving a response has expired.

This is the case for companies like the buster, Wamos or Juliá who presented to them between January and February. According to the requirements, if within that time a decision has not been received, it is understood that the application was rejected.

But it’s not entirely clear either. The point is that This leaves companies in a state of despondency and not knowing how to act Because support or refusal will depend on the decisions that have to be made by the companies involved,” cite the sources consulted.

‘great complexity’

The Treasury insists it is a bailout, so it’s not just a cash injection because it isIt is direct interference by the state in public money and has a “great complexity”.

The “complexity” is to check whether it is really a strategic company for the Spanish economy or whether Covid-19 is a severe blow to the company, but not definitive and if there is future viability after the intervention.

See also  South Korea's household debt ratio is the highest in the world

In addition, it is analyzed whether the company was not already in a critical situation before the outbreak of the epidemic, so a rescue will be excluded in this case. In this sense, the Abengoa case appears because before the current request, the former president, JiOzalo Urquijo, already went for a SEPI check and found the doors locked.

Expected answers this month

There is also the fact that sources indicate that “just two months ago” the new president was appointed, Maria Belen Gualda, until the maximum date responsible for NavantiaThus, “these requests must now be analyzed and this takes time given the importance of decisions.”

On the other hand, business sources claim that this position”It’s been empty for a year and a half and the vice president has been number one and bailouts have been approved since the fund was announced“.

The fact is that it is estimated that this month, just due to the fact that the summer holidays are already approaching, the resolution of many applications will be known.

Leave a Reply

Your email address will not be published. Required fields are marked *