The Government dusts off the fund for strategic companies and distributes 500 million to four companies
Madrid
Updated:
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The Government dusts off the fund for strategic companies affected by Covid-19 and distributes more than 500 million (504.5) in one fell swoop, the highest figure approved in a Minister council in charge of this mechanism so far. The beneficiaries have been Gathered techniques (340 million), Ferroatlantica (34.5 million), eurocurrency (45 million) and Let's go (85 million).
The first two operations were recently announced by the State Industrial Participation Society (SEPI), which is in charge of managing this fund.
As explained by the Executivethis aid has been approved "after an exhaustive and rigorous process of analyzing the economic and legal situation of the companies, the impact they have suffered from the pandemic, the viability plan that each of the companies has presented, as well as the prospects for evolution and the guarantees provided to ensure the repayment of the temporary public financial support they are going to receive.
The Government also highlights that with the approval of these four operations, the Support Fund for the Solvency of Strategic Companies has distributed 2,040 million euros, 38% of the total of the 5,365.5 million euros requested. But if we take into account that the total capital of the fund reaches 10,000 million, the Executive has distributed barely 20% in the more than year and a half that this 'lifeboat' has been active for companies. A figure, moreover, still very far from the 3,000 million euros that SEPI intended to grant only in the last months of 2020.
Braking after Plus Ultra
The stoppage of the rescues came in March of last year after the judicialization of the aid given to the airline Plus-Ultra and since then the concessions have come in dribs and drabs. But the truth is that the Executive has stepped on the accelerator this Friday, when there are barely four months left for the expiration of the SEPI fund. From rescue to Hotusa With 241 million last October, the aid was arriving in small pills and for amounts that did not exceed 35 million, with large rescues, such as the one approved this Friday to Técnicas Reunidas, in quarantine.
Up to now, aid had 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), Hotusa (241 million), Artificial (34 million), Serhs Group (34 million), to Reinosa Forgings & Castings (27M), Losan (35 millions) Soho Boutique Hotels (30 million) and Abbots Group (29.3 million).
