Australian News

Australian news and media publication


The State Company of Industrial Holdings (SEPI) finalizes its green light for two of the bailouts that have been on the table for months, after Brussels approved the extension to grant State aid until June 30, 2022. The company dependent on the Ministry of Finance plans to resolve in the coming days publisher’s files Vicens Vives and the bus company Julia Group, according to sources close to the rescue fund consulted by Information, which means approving aid for a combined amount of more than 62 million euros.

None of the bailouts entails complexities, since the financial statements of both companies were healthy before the pandemic. The slowness that has characterized SEPI in resolving the files has forced both companies to wait longer than expected. Grupo Julià submitted its request almost a year ago, last February, for an amount of 37.4 million euros. Vicens Vives’ request was made public in November and amounts to 25 million, the minimum required to benefit from the Solvency Support Fund for Strategic Companies.

For its part, the bus company specializing in tourism services delivered to SEPI in March 2021 the viability plan that was to serve as a starting point for the state holding company to start the process of due dilligence. The public company commissioned the law firms Alvarez & Marsal Y Disorder assess the Grupo Julià SOS in August, a key step to approve the rescue, as this newspaper advanced. For the rescue of Vicens Vives, however, the advisers have been Disorder on the legal side and the joint venture led by Lener in legal aspects.

The president of SEPI, Belén Gualda González

After resolving these requests mentioned, SEPI will have already unblocked 15 requests. The last to become official since Minister council it was the tour group Abades, which received 29.3 million euros between participating loans (22.8 million) and ordinary loans (6.5). Your help joins that obtained in 2020 by Air Europa and those obtained in 2021 by Plus Ultra, Duro Felguera, Ávoris, Tubos Reunidos, Rugui Steel, Hotusa, Reinosa Forgings, Serhs, Airtificial, Losán Y Soho. In total, all the aid adds up to 1,536.13 million euros, which represents only 28% of the total amount requested to date (5,345.4 million euros), according to official data from the entity dependent on the Treasury.

traffic jams

But not all suffer the same fate. Some files remain unresolved after several months of analysis, such as the case of the Wamos group, owner of the Nautalia travel agency and whose owner is the foreign fund Springwater. Others, like Room Mate, from Kike Sarasola (it requested 52 million euros), it does not even have a SEPI adviser. The hotel group of the famous businessman has experienced crucial moments for its survival and has been forced to sign a bridge loan with the Atitlan fund to move on.

There are those who have even looked for alternatives once the SEPI has been tested. The hotel group Selenta, in hands of Jordi Mestre until before the pandemic, it has sold the bulk of its assets to the Canadian fund Brookfield for a record price, which has allowed him to alleviate his financial situation. A similar case is that of the maritime group shipping arms, which has transferred part of the company to the Italian group Grimaldi.

With everything, SEPI has received 69 formal requests, as revealed by the Government in a parliamentary response. The Executive has verified that the majority of companies that need this extraordinary mechanism are companies linked to tourism and also to certain industrial sectors. The barrage of requests came to compromise some aid during the past year, but lBrussels extension, which has enabled the deadline to receive aid until next summer -before it expired on December 31, 2021-, has alleviated the urgency of several applicants.


www.lainformacion.com

Leave a Reply

Your email address will not be published.