The deadline for approval is 30 June. The European Commission initiated pandemic-era measures to help distressed companies, distributing funds to stabilize European economies. In total, a substantial amount was earmarked, with a government rescue package reaching several billion euros. A portion of the funds was requested and allocated to both large enterprises and small and medium-sized enterprises through targeted programs. The SePI and Cofides by design channel some of these resources to large firms and SMEs, respectively, with a large share of the total allocated to big corporations. A sizable portion of the funding remains unallocated pending extended timelines or further decisions from Brussels.
This fund, managed by SEPI, supports the Solvency Support Fund established last year to help strategic companies weather the economic impact of the pandemic. A significant portion has been requested, some of which has already been disbursed while other portions were rejected. Remaining cases are in the process of resolution.
Across the board, many companies sought assistance under this program, including a notable share from the tourism sector hit hard by mobility restrictions. Hotel chains and airlines, along with travel agencies, figure prominently among the beneficiaries. Names such as Bluebay, Meeting Point, Blue Sea Hotels, Silken, Vincci Hotels, Air Nostrum, Volotea, Air Europa, and the Wamos Group appear among recipients. Other firms from diverse sectors, including hospitality, restoration, food production, aesthetic medicine, and broader industry, have also engaged with the program. There is no expectation of new requests at present, as there has not been a call from the agency for months.
A large ransom-style claim has emerged in reports from SEPI sources. The Catalan steel producer Celsa reportedly seeks around €550 million under a provisional, but not yet approved, plan. Celsa faces substantial obligations to Spanish banks and international funds, with recent court rulings affecting payment timelines dating back to 2020 and 2021. Company sources indicate ongoing discussions and unresolved claims as of May 2022 and beyond.
already recovered
To date, the Council of Ministers has approved rescue measures for 21 companies, totaling roughly €2,191 million. The most recent approvals included hotel groups like Hesperia and Abba, plus entities in the Mediterrerranean and Julia groups. Earlier recoveries featured Air Europa and Duro Felguera, as well as Plus Ultra airline. The pace of approvals has varied, impacting the speed at which aid is resolved.
Other notable beneficiaries include Ávoris, formed from a merger of Barceló and Globalia, which has received hundreds of millions in public support. Additional companies span the metalwork, hotel, and manufacturing sectors, including Tubesworth, Rugui Steel, Hotusa, Reinosa Forging and Casting, SERHS, and several others. The list extends to firms in artificial intelligence, timber, hospitality, and metallurgy, reflecting a broad scope of sectoral support.
small companies
On the smaller-business front, the government launched a Recapitalization Fund for COVID-19 affected firms, amounting to €1 billion. Through late April, a total of applications had been received, with a sizable share potentially eligible for approval. Several companies appeared on the roster, including Cesgarden, Eating Group, Egile, Grupo Universo Pachá, and Lladró, some of whom redirected applications to Cofides after initial SEPI funding considerations. The plan includes ongoing reviews and potential adjustments to meet evolving requirements.
In this environment, the supervising bodies are expected to consider further signals from European authorities and international partners. Authorities have indicated they may explore moratorium options if necessary, while keeping focus on stabilizing key industries. As the situation develops, the emphasis remains on ensuring that aid reaches the most impacted companies and that the approval process proceeds efficiently to support recovery efforts across the European economy.