Sepi gives the green light to the rescue of Air Nostrum for 111m euros

State Industry Participation Inc. The (Sepi) Board of Directors announced that it has approved the granting. 111 million euros to Valencia airline Air Nostrum, will be guided through a wholly participatory loan. According to the organization, the operation was approved this Tuesday by the board of the Solvency Support Fund for Strategic Enterprises, after “a thorough and rigorous analysis of the company’s economic and legal situation” extended by more than a year. impact suffered by covid, the viability plan offered by Air Nostrum (created by its parent holding company Air Investment Valencia SL and its subsidiaries Air Nostrum Líneas Aéreas Del Mediterráneo SAU, Air Nostrum Engineering And Maintenance Operations SLU, Air Nostrum Global Services) SLU, Ara Gestion De Tripulaciones y Vuelo, SLU and Air Nostrum Training Operations, SLU) and prospects for the development of the group and guarantees to ensure the return of temporary public financial support to be received.

An airline specializing in regional traffic

Air Nostrum is an airline specializing in passenger transport. was founded in 1994 to implement its first project. aviation Special region of Spain. The group has four other business lines: management support and consulting services, aircraft maintenance, aviation training, and comprehensive crew management and planning.

It is the leader in regional air transport in Spain and is one of the five most important companies in the Autonomous Community. Valencia. Its activity plays a very appropriate role as an economic engine that creates added value and employment. Air Nostrum also plays an important role in other areas as a feeder and traffic distributor for the Iberia Group at the Madrid Hub. In addition, it contributes to the development of national tourism and is considered the backbone airline for Spain on routes in niche markets, ultra-peripheral communities and Public Service Obligation.

The airline’s turnover increased to 539 million Euros at the end of 2019, which together with its national staff 1,400 direct employees and 2,100 indirect employeesIt shows its influence on the fabric of Spanish labor.

The health crisis resulted in a 40% drop in sales in 2020 compared to fiscal 2019 and a fall in sales of 82.25 million euros. EBITDAthis amounted to a loss of 144 million euros and put the company in a state of equity deficit.

This new operation of the Business Solvency Support Fund, minister council The Group will join 21 companies already authorized for Air Europa, Ávoris Corporación Empresarial, Plus Ultra Líneas Aéreas, Duro Felguera, Tubos Reunidos, Rugui Steel, Hotusa, Grupo Airtificial, Grupo Serhs and Reinosa Forgings & Castings, Grupo Losán, Soho Boutique Hotels, Abades Group , Técnicas Reunidas, Wamos Group, Eurodivisas SA, Ferroatlántica SAU Group, Hesperia Investor Group (GIHSA), Abba Group, Julià Group and Mediterránea Group.

Source: Informacion

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