The fiasco of the rescue fund for strategic companies: the Government planned to deliver all the money and has only given 30% of the 10,000 million

The Government's rescue fund for strategic companies planned to distribute all its capital at the end of 2021. 10,000 million euros that would help large Spanish companies get out of the Covid-19 pothole and maintain thousands of jobs at a crucial time for the economy . But nothing could be further from reality, on June 30, 2022, and after various extensions, the Solvency Support Fund for Strategic Companies (Fasee) directed by SEPI shelved having distributed just over 3,000 million, just on 30 % of your capital. The public holding company recognizes it in the reports of the fund's accounts at the end of 2021. "The capital budget prepared in 2020, the year the Fund was created, foresaw granting all the aid in the 2020 and 2021 financial years," says the SEPI in the text and specifies that throughout last year the approval of aid amounting to 6,800 million euros was planned. Nothing could be further from the truth, that year 971 million euros were granted, "which entail a deviation of 5,828,675 thousand euros in the net cash flow of investment activities." A difference that was produced by the real volume of aid requested and the complexity in the study of the files, according to the public company. Some reasons to pick up with tweezers. Because although the distribution did not even reach 1,000 million euros and the supported companies were just nine, the president of SEPI, Belén Gualda, assured in October last year in a congressional commission that the rescue fund had received a total of 69 applications from companies in distress. At that time, Ella Gualda assured that, however, "some companies have given up because they have understood that they did not meet the requirements." The total requests exceeded 5,000 million euros, more than half of the fund's endowment, as SEPI itself later acknowledged. At the end of last year, some of the requests had also been waiting for their resolution for more than six months, the maximum time set to respond to the companies, according to the ministerial order that gave rise to the fund. Related News standard Yes The SEPI asked Air Europa to put 8 Globalia companies as collateral for its rescue and mortgage its headquarters in Madrid and Palma after the sale to Iberia was broken Antonio Ramírez Cerezo Among these companies were those of 'handling', cargo airline, in addition to real estate assets In fact, SEPI also acknowledges that to speed up the application process, it opened a temporary employment exchange to hire a maximum of 50 people in order "to reinforce the attention to technical needs that are derived from the extraordinary workload generated by the management of the Solvency Support Fund for Strategic Companies". Finally, 20 people were incorporated. But the truth is that the reasons given by the rescue fund for not distributing the money were not indicated in the previous year. In the 2020 reports they acknowledged that they planned to grant 3,000 million euros at the end of the year, but they ended up saving only Air Europa with the delivery of 475 million euros. At no time were the difficulties that they claimed to have in 2021 admitted and, in fact, the activity of the fund continued its course normally until the rescue in March of Plus Ultra, whose judicialization forced the reformulation of the procedures, as several affected companies reported to this newspaper. More rejected companies What in balance has meant that the Fasee has rejected more companies (39) than the 30 to which it has granted state support. 3,256 million distributed in total to Air Europa (475 million euros), Ávoris (320), Duro Felguera (120), Plus Ultra (53 million), Tubos Reunidos (112 million), Rugui Steel (25 million), Hotusa ( 241 million), Airtificial (34 million), Grupo Serhs (34 million), Reinosa Forgings & Castings (27 million), Losán (35 million) Soho Boutique Hotels (30 million), Grupo Abades (29.3 million), Técnicas Reunidas (340 million), Ferroatlántica (34.5 million), Eurodivisas (45 million), Wamos (85 million), Técnicas Reunidas (340 million), Hesperia (55 million), Abba (30 million), Grupo Mediterránea (28 million) , Grupo Julià (38 million), Air Nostrum (111 million), Volotea (200 million), Vicinay Marine (32 million), Celsa (550 million), Blue Sea (25 million), Isastur (40 million), Vivanta (40 million), Imasa (35 million) and Meeting Point (31 million). Related News standard Yes The Government relaunches the international deployment of Navantia in full swing of defense spending Bruno Pérez The naval company begins the procedures for the constitution of two new subsidiaries in Saudi Arabia and the United Kingdom, and hopes to open a branch in Miami Throughout case, this figure is still up in the air, because there are still companies with the aid approved but with the commitments made for the arrival of the money in the air. This is the case of the steel giant Celsa, which is still struggling with its creditors to reach an agreement that allows it to receive the 550 million approved by the rescue fund. The Catalan company and the main holders of its debt, including Deutsche Bank and Goldman Sachs, and the SVP and Cross Ocean funds, have still not reached an agreement and leave public support and the company hanging by a thread. The last offer of the creditors was to exchange 2,400 million euros for 75% of the company's shares. But the company categorically opposed this possibility. Therefore, if talks continue along these lines, the total amount distributed by SEPI could fall to 2,700 million.

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