The Rubiralta family company thus joins the ransoms requested in recent weeks by Air Europa, worth 475 million, and Duro Felguera, of another 100, to resolve their financial difficulties, according to Vozpópuli.
Sources familiar with the operation have confirmed to Efe that Celsa formalized this request for aid in mid-November, which the Spanish Government channels through the Fund for Support to the Solvency of Strategic Companies, which is managed by SEPI.
These sources have commented that although initially Celsa’s rescue request is for 350 million euros, it is likely that the final amount will end up being higher. Furthermore, as it is a large company and a complex operation, the approval process for the operation could take between a month and a half and two months. For their part, Celsa sources consulted by Efe have declined to comment on the information.
Celsa, the leading Spanish steel group and the second European manufacturer of long steel products, has been in an arduous negotiation with its creditors for months to comply with payment commitments.
For the moment, the Catalan company has managed to get a Madrid court to issue a resolution exempting it from momentarily complying with financial payments due to the force majeure caused by the COVID-19 pandemic.
This court decision affects the financial obligations related to the 1,500 million euro convertible loan that the multinational formalized in 2017.
The Support Fund for the Solvency of Strategic Companies, endowed with 10,000 million euros, It was approved by the Government with the aim of providing temporary public support to strengthen the solvency of non-financial companies affected by the COVID-19 pandemic that are considered strategic for the national or regional productive fabric.
The companies that go to this SEPI fund must present a viability plan with measurable business forecasting objectives and the company’s equity and financial situation, and the contribution made must be notified to the European Commission (EC).
Although there are already several companies that have used this fund, including Naviera Armas or Duro Felguera, the only one for now has received an injection from the Government has been Air Europa, with a total of 475 million euros, considering it a strategic company. © gica whose viability is at risk from the pandemic. This operation opens the door to its next purchase by Iberia.
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