The Alava industrial group Tubos Reunidos has formalized the presentation of a request for temporary public support amounting to 115 million euros from the Fund for Support to the Solvency of Strategic Companies affected by the pandemic managed by the State Society for Industrial Participations (SEPI ).
This amount is broken down into a participating loan for an amount of approximately 100 million euros and an ordinary loan convertible into a participative in 2021 for an amount of 15 million, as reported by the company this Thursday to the National Securities Market Commission (CNMV).
“This request for temporary public support is part of the current market and activity situation of the company, caused by the profound impact and persistence of the pandemic caused by covid-19,” the company highlighted.
To this is added, as he explained, the outlook for the coming months, with a “high degree of uncertainty” in the sector, where more than 50% of the investment projects in which the company participated have been paralyzed, “circumstances that cause the need to obtain additional financing so that Tubos Reunidos can carry out the actions contemplated in the Strategic Plan 2021-2024 “, according to Europa Press.
Tubos Reunidos thus joins other companies that have already requested a bailout from the State in recent months, among which are the Catalan steelmaker Celsa, the owner of the Transmediterránea shipping company, Duro Felguera or Globalia. So far the only approved rescue is that of the airline Air Europa, for which the Council of Ministers approved an injection of 475 million in November.