SEPI rescues Ferroatlántica with 34.5 million euros


Madrid

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The State Company of Industrial Holdings (SEPI) will return to the Council of Ministers another bailout by the fund Covid-19 rescue of large companies. The beneficiary will be the Ferroatlántica Group (a subsidiary of Ferroglobe, 54% owned by the Villar Mir Group), to which the managing board of the Solvency Support Fund for Strategic Companies has approved this Tuesday the concession of 34.5 million euros. The aid will be channeled into a participative loan of 17.6 million and an ordinary loan of 16.9 million.

As explained by SEPI in a statement, the rescue to the Galician company has been granted "after an exhaustive and rigorous process of analysis of the economic and legal situation of the company, the impact it has suffered by the Covid, the viability plan who has presented the Ferroatlantica Groupas well as the prospects for evolution and the guarantees provided to ensure the return of the temporary public financial support that it will receive.

Ferroatlántica is located in the metallurgical sector, where it ranks as one of the world's largest producers of silicon metal and ferroalloys based on silicon and manganese. Its activity is also focused on the extraction of quartz that it develops in the two mines that it has in La Coruna.

about the activity of Ferroatlanticathe public holding it also highlights its client portfolio “from all over the world in dynamic and fast-growing markets; such as solar, automotive, consumer products, technology, construction and energy.

Before the pandemic, the Ferroatántica Group employed 338 workers both in the factories of Boo (Cantabria), Sabon (Galicia) as in the other departments.

14 rescues

With this new aid there will now be fourteen operations approved by the rescue fund, in the absence of the managing board confirming the granting of 340 million to Gathered techniqueswhich would become the fifteenth rescue.

So far, aid has been approved for Air Europe (475 million), to the one also owned by Globalia, Avoristimes 320, plus a Rough Felguera (120), Plus-Ultra (53), Assembled Tubes (112 million euros), Rugui Steel (25 million) or the hotel group Hotusa (241 million). At the end of last year aid was also approved for Artificial (34 million), Serhs Group (34 million), to Reinosa Forgings & Castings (27M), Losan (35 million) and the Andalusian hotel company Soho Boutique Hotels, to which he lent 30 million euros.

The first rescue of 2022 came from the hand of the Abbots Group, to which the Government granted 29.3 million. With the aid to Ferroatlántica, there are already 1,569.5 million provided by the fund for strategic companies. If that of Técnicas Reunidas is confirmed, the figure would exceed 1,900 million.

In any case, SEPI steps on the accelerator to grant new aid. Especially hotels. In recent weeks, the company dependent on the Treasury has acknowledged that it is studying the files of Blue Sea Hotels, Silken, Vincci Hotels and Meeting Point for those who are already looking for external advisers, both legal and financial, to study the viability of these bailouts. In total, to date 5,345.4 million have been requested from this fund for large companies, as recognized by the same public company.

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