The State Industrial Holding Company (SEPI) has approved a grant requested by the steel company Celsa Spain, the amount of which amounts to 550 million euros. The subsidy will be channeled through the granting of a participating loan amounting to 280.5 million and another ordinary loan of 269.5 charged to the Solvency Support Fund for Strategic Companies (FASEE). Given that the amount of the participating loan is greater than 250 million euros, authorization by the European Commission is necessary before it is submitted to the Council of Ministers.
The operation has been approved by the Management Board of the Solvency Support Fund for Strategic Companies after a process of "analysis of the economic and legal situation of the company, the impact it has suffered from COVID and CELSA's viability plan Spain (Barna Steel SA and its 13 operating Spanish subsidiaries), the restructuring of the debt with its creditors, as well as the prospects for the evolution of the company and the guarantees provided to ensure the return of the temporary public financial support that will be receive”, as explained by SEPI in a statement.
The aid comes after the unblocking by Deutsche Bank, one of the company's main creditors, after the telephone conversation between the Prime Minister, Pedro Sánchez, and the CEO of the German bank, Christian Sewing, regarding the rescue of Celsa. Then, Deutsche Bank released a statement in which it noted the proximity of an agreement: "We are actively seeking an agreement with the company, shareholders and other creditors that allows Celsa to reduce its debt so that it can continue to prosper and grow."