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 means 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 repayment of, mainly, tourist companies.
Hotel companies, airlines or travel agencies, which four years ago had serious difficulties to survive, are taking advantage of the sector’s recovery, at historic highs, to speed up the early cancellation of credits or reduce their balance. Of the 506 million already reimbursed, 45 million have been returned to SEPI in the time and manner foreseen. The rest, 461 million, is due to early repayments.
The list of repayments of the business rescue is led by Ávoris, which has canceled 320 million of debt, the total received. Hotusa, for its part, is the second company that has been able to return the most aid. The subsidiary of the Barceló group has returned 80 million, a little less than 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 flight firm Wamos and the tourist accommodation firm Meeting Point have been able to partially return 8 million each.
The Central 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 enter insolvency proceedings. 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 aid to Celsa (550 million) and Blue Sea (25 million) was approved and not disbursed. The outstanding balance was 2.68 billion and the bulk will be returned between 2026 and 2029.
An important figure provided by SEPI is that the 26 companies that have SEPI funding have increased their workforce by 20%.
The SEPI carries out a task of supervision and control of the monitoring of the operations of the public fund with the aim of guaranteeing the proper use of these, sources from the public group explain.
Among the rescued companies are also Plus UltraAéreas, Duro Felguera, Tubos Reunidos, Técnicas, Ferroatlántica, Abba, Grupo Julià, Air Nostrum, Volotea or Vivanta, among others.
