The strategic companies rescued by the State Society of Industrial Participations (SEPI) due to the stoppage of the economy during Covid have already returned 506 million, which represents the early recovery of 19% of the total aid granted in the form of credits, according to official data from the group dependent on the Ministry of Finance. The current situation improves the designed calendar thanks to the early reimbursement of, mainly, tourist companies.
Hotel companies, airlines or travel agencies, which four years ago went through serious difficulties to survive, are taking advantage of the sector’s recovery, at historic highs, to accelerate the early cancellation of loans or reduce their outstanding balance. Of the 506 million already reimbursed, 45 million have been returned to the SEPI in the expected time and manner. The rest, 461 million, is due to early reimbursements.
The list of business rescue repayments is led by Ávoris, which has canceled 320 million in debt, the total amount received. Hotusa, for its part, is the second company that has been able to give back the most help. The subsidiary of the Barceló group has returned 80 million, just under a third of the 251 million it received. Eurodivisas has also been able to cancel the total aid in advance, 45 million, while the currency exchange firm Global Exchange has returned 15 million. On a lower level, the charter flights firm Wamos and the tourist accommodation firm Meeting Point have been able to partially return 8 million each.
The Government created the Solvency Support Fund for Strategic Companies (FASEE) in the summer of 2020 to help companies considered strategic that had to resort to extra financing to maintain their activity. Either they received this help in the form of loans or they had to go into bankruptcy. This was the case of Air Europa, which received 616 million and has already returned 65 million in interest alone. In total, the fund authorized 3,255.8 million, although the aid to Celsa (550 million) and Blue Sea (25 million) was approved and not disbursed. The outstanding balance was 2,680 million and the bulk will be returned between 2026 and 2029.
An important piece of information provided by SEPI is that the 26 companies that have financing from SEPI have increased their workforce by 20%.
The SEPI has been carrying out supervision and control work in monitoring the operations of the public fund with the aim of guaranteeing the proper use of public funds, explain sources from the public group.
Among the rescued companies are also Plus Ultra Líneas Aéreas, Duro Felguera, Tubos Reunidos, Técnicas Reunidas, Ferroatlántica, Grupo Abba, Grupo Julià, Air Nostrum, Volotea or Vivanta, among others.