SEPI signs a roadmap to settle some thirty bailouts by August

The clock is ticking against companies that are still waiting to receive direct aid from the State Society of Industrial Participations (SEPI). More than a hundred days after approving its latest bailout, the state holding company has convened its board of directors this Tuesday to seal a new roadmap that allows you to get to August with no pending tasks. The governing body of the public entity plans to resolve about thirty requests that remain in the air between now and the end of July, which implies settle five bailouts a week in just one month.

Since last March 16 he granted 320 million euros To Ávoris Corporación Empresarial (merger of the travel divisions of Globalia and Barceló), SEPI has not reopened the money box of the Fund for Support to the Solvency of Strategic Companies. In total, the body chaired by Belén Gualda has barely granted 968 million of the 10,000 to which the state oxygen balloon ascends. The paralysis spread to all pending processes as a result of the controversial aid to the airline Plus Ultra.

The Minister of Industry, Reyes Maroto, with the president of Cofides, José Luis Curbelo.

In these three months the state holding company has made several internal changes. The appointment at the end of April Belén Gualda, former number one of Navantia, as president of the holding of state companies was not enough to unblock the rescue fund, after the SEPI teams took extreme precautions in order to prevent a new setback. Later, at the end of May, the body relieved the until then secretary of the council and director of Legal Affairs of SEPI, Francisco Javier Loriente, for whose position he appointed Javier Morales Abad, secretary of the board of the public capital entity Enisa, as announced by La Información.

As the new chief attorney, Javier Morales has assumed the task of initiating the bailouts approved from now on, a process that will pick up pace again from this Tuesday and on whose evolution depends the survival of dozens of companies, as well as the reputation of the public holding company and, therefore, of the Government itself. The council of the SEPI had planned to address the new roadmap a week ago, in a meeting scheduled for last Tuesday June 22 that did not take place, according to sources close to the control body of the public entity have transferred to this medium.

The SEPI council had planned to start the new roadmap last week in a meeting scheduled last Tuesday that did not take place.

The board of the holding company has four weeks ahead of the clock. The spectrum of entities that make up the SOS list includes hotel companies (Hotusa, Room Mate), other tourist service companies (Wamos, Julia, Hesperia, Selenta) and industrial groups (Losán, Rugui Steel). Among the largest applications are those related to the steel industry. It is the case of Celsa (700 million) or Naviera Armas Y Assembled Pipes (Both requests exceed 100 million).

SEPI has ample room for maneuver. Since in July 2020 the Government left in its hands the management of the rescue fund promoted to alleviate the scourge of the health crisis, the entity has only authorized four rescues -Air Europa (475 million), Duro Felguera (120) and Plus Ultra (53) and Ávoris (320) – and consumed 10% of this game. In order to speed up the procedures, the SEPI council will approve or deny the aid for packages of between four and five a week. The idea is to resolve applications where the risk of bankruptcy is highest first.

The public company has covered its back before stepping on the accelerator. After the ‘Plus Ultra scandal’, the public holding company has redoubled the demand on its ‘pool’ of legal and financial advisers, hired by the body chaired by Belén Gualda to examine the petitions. Specifically, the entity has begun to demand an explicit endorsement of these auditors to the granting of aid, as advanced by ‘Vozpópuli’ and several advisory firms have confirmed in conversations with this medium.

Source: LA INFORMACIÓN – Lo último by

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