Habemus agreement on the Spanish fund to rescue the ‘weakest’ links in the airline sector. Airbus and SEPI have sealed the Aerofondo, as it was called in its presentation last July, which will have, in a first tranche with 100 million euros that will serve to inject liquidity into the supply chain of the national airline sector in order to appease the impact of the economic and health crisis of the Covid. The aeronautical giant, the public entity and ACE Management – manager of European aerospace and defense funds – have agreed that the amount corresponding to the first tranche will be distributed among the three participating entities by one third for each.
The related parties in the rescue fund signed the agreement on December 14, although Airbus had not echoed the pact until this Wednesday, according to union sources to this medium, when he released a statement, to which La Información has had access, collecting the details of this oxygen balloon for one of the sectors most affected by the pandemic. The director of Operations of the European manufacturer, Manuel Huertas, assured in December that the process to seal the agreement was “accelerating” and that the parties had progressed, although he admitted that then there was nothing signed, summoning to the return of Christmas to know more details.
The injection of liquidity, according to the company, will come from the coffers of the Government of Spain, through the State Society of Industrial Participations, as well as investors in the sector (Indra 5 million and Airbus 28.3 million). In addition, the statement refers to private capital, through the aforementioned ACE Management, a subsidiary of Tikehau Capital – a group that has around 25.8 billion euros in assets and equity worth around 3.1 billion.
Airbus already announced in December that the fund – the result of an agreement reached in July between the Government of Spain and the pan-European aeronautical consortium – would be formed by a private manager, with public funds that will come from the Sepi, or one of its organizations, and Industrial funds that would come from the manufacturer itself, as well as from other industrial companies based in Spain. The strategy follows in the footsteps of other European countries. This is the case of France, which used a similar mechanism to help its supply companies that were in difficulties due to the ravages of the coronavirus.
“A single law firm will now develop the legal framework of the fund that will have a Strategy Committee, with representatives of the three investors and TEDAE -the Spanish Association of Defense Technologies, a non-profit institution dedicated to the representation and promotion of the sector-, and an Investment Committee formed mainly by representatives of the venture capital fund“Reads the statement. In said ’round table’, the SEPI will have only” one seat without vote. ”
The text leaves the door open to variations in the total amount of the rescue fund. “Once Aerofondo is established and the size of the Supply Chain’s financial needs is confirmed, contributions from regional governments will be considered on a case-by-case basis.” The date for this injection of liquidity to reach the entities linked to the agreement remains in the air and remains early February as the time it is expected to start operating.
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