The State Society of Industrial Participations (SEPI) has appointed Julián Mateos Director of the Solvency Support Fund for Strategic Companies, within a process of reinforcement of this rescue instrument of companies in difficulties.
SEDES OF SEPI have informed EFE that, once its maturity has been achieved, the Fund – which until now has granted aid for an amount of 1,080 million euros, 23% of the total requested – will continue requiring a volume of work that justifies
Its strengthening.
A strengthening that responds to the requirements derived from the quantity and complexity of ongoing operations and that is part of the updating of the structure needed to manage the Fund, with the aim of guaranteeing the appropriate monitoring of operations during the coming months and
years.
In this regard, SEPI has expanded its human and material media for the resolution of files with the hiring of interim personnel: 29 senior graduates and professionals of external counseling firms that analyze and evaluate independently the financial and legal viability of each operation.
External advisers are hired for each request for financial support received by the Fund in the field of a framework contract that is part since March 40 offices and first-class consultants previously selected for this purpose, 20 focusing on legal aspects and the
Rest in the financial area.
The sources mentioned remember that SEPI has been carrying out an intense work of analysis and field work that is being materialized in the resolution of complex and great impact operations and, therefore, require a thorough and very rigorous study.
The study of operations begins at the request of the company, which must present an extensive information on its economic activity and the sector to which it belongs, the impact caused by the pandemic and the proposed viability plan to exit forward, including financial support
Temporary public required to achieve its viability and the form and date of return of these funds.
Since then, SEPI analyzes the documentation sent to determine in a preliminary phase if the information is sufficient or the company is required to expand specific aspects, necessary for the analysis.
Then two independent advisors, a financial and one legal advisers, through a public tender, are hired, to study if the eligibility criteria established in the regulations are met, in addition to analyzing the prior situation of the company, the impact of the pandemic and the sufficiency
of the measures raised for its viability.
The analysis requires studying the sector to which the company belongs, its possible evaluation and the competitiveness keys to evaluate the scope of recovery, contrasting the company’s forecasts and possible sensitivity scenarios to determine the proportionality of the requested financial support and its capacity
of return of public funds.
It also includes the perspectives of the company and those of the scope of activity in which it develops, its economic and social, regional and national impact, its importance for the economy, its environmental risks and its ecological transition plan.
All this in accordance with the regulation of the Fund, with a view to verifying the concurrence of all the eligibility requirements that lead to grant or deny the requested financial support.
Finally, all mandatory reports and contracts of temporary public financial support, establishing the conditions of financing and commitments assumed by the company, before raising the proposal for a resolution to the GSTOR Council, which, if deemed,, should be developed.
It takes it to the Council of Ministers for its authorization.
The work of the Fund does not conclude with the resolution of granting financial support, but, by involving this the granting of a loan, a lasting relationship aimed at monitoring the guarantees offered for the refund of the aid and proceed
Consequently.
In this regard, companies must report information that allows the Fund the punctual monitoring of operations and adopting decisions that are accurate according to each case.
Beyond, therefore, the thorough analysis of each file to determine the granting or denial of temporary public support, the Fund must monitor each of the records throughout the validity of the aforementioned support, which can reach a temporary horizon of up
7 years.
This procedure is the one that has led Sepi to reorganize and strengthen the structure dedicated to the Fund, in order to ensure that it has the necessary means to develop the tasks assigned with the maximum rigor.
The Fund was constituted a year ago and since then it has approved the following operations:
Air Europe.
Assistance granted from 475 million in a participatory loan amounting to 240 million and an ordinary loan of 235 million.
Hard Felguera.
Help of 120 million in a participatory loan amounting to 70 million, another ordinary of 20 million and a capital contribution or, where appropriate, a new participatory loan, by a global amount of 30 million.
Plus Ultra.
Help of 53 million in a participatory loan of 34 million and another ordinary of 19 million.
Ávoris Corporation.
Help of 320 million, 163.2 million in a participatory and other regular loan of 156.8 million.
Reunited tubes.
Help from 112.8 million in a participatory loan.
