The judge releases the delivery of 34 million to plus ultra because for now the risk of default is hypothetical

The 195th Instruction Court of Madrid has unlocked the delivery of the 34 million euros that Plus Ultra had still aware of receiving the public rescue agreed by the solvency aid fund of the SPA strategic companies, with the
order to avoid your bankruptcy.

In a car who has had EFE access, the Judge Judge of Jaime Serret serves the arguments of the company and the brief of the Prosecutor’s Office of Madrid, who was in favor of raising the blockade by not appreciating crime and to avoid a situation
Of lack of liquidity to clients and creditors.

In this way, revokes the auto dictated on July 22 by the holder of the court, hope collazos, who suspended the rescue waiting for the airline to be justified as a precautionary measure in the investigation by the alleged fraud in the concession of this
help.

The magistrate recovers the arguments of the Public Prosecutor’s Office, and recognizes that “it is true” that, for the moment, “there is no minimum indication” of the facts that denounce the PP and VOX, person in the cause as a popular accusation.

In his opinion, both parties have been limited “to transcribe articles from the Criminal Code and its jurisprudence, without picking it up with the facts denounced.”

So much so, it continues, for now “no crime appears of bribery before the absolute lack of reference to dádiva or consideration by the alleged fraudulent grant of financial aid to Plus Ultra”.

The same goes for the alleged traffic of influences, “because there is no reference” to which the airline benefit from possible reasons of friendship, kinship or hierarchy.

Moreover, recalls, the rescue, which amounts to 53 million euros, was approved “after the filter of the reports of an external financial advisor and an external legal advisor, who proved compliance” of the requirements.

Arrived at this point, the judge analyzes the measure, and concludes that “for now”, in the absence of an agreed expertise, progress that Plus Ultra can not return the 34 million euros that remain “a hypothetical risk”, then ”
Supreme in the allegations of popular accusations. ”

In addition, keeping this amount blocked “would involve Plus Ultra’s definitive bankruptcy, with the consequent damage for passengers who have bought tickets in advance and the rest of the creditors.”

For all this, it is estimated the resource of reform of the airline and gives green light to the delivery of public money, which “would allow the viability of the company and the consequent refund of the loans to the administration.”

On March 9, the government approved the rescue of Plus Ultra with 53 million euros in loans from the Solvency Support Fund of the SPA strategic companies.

This raised the criticisms of its competitors and opposition parties, including the PP, which requested the creation of a research commission in Congress by considering that it is a Spanish “non-strategic” company with great venezuelan capital weight and
Panamanian.

Plus Ultra was the second airline, after Air Europa, to receive help from this fund, created in July 2020 to support solvent strategic companies and viable to which the COVID-19 pandemic has placed in a difficult situation.