The Sociedad Estatal de Participaciones Industriales (SEPI) has appointed

Julián Mateos as

director of the Fund to Support the Solvency of Strategic Companies, as part of a process to strengthen this instrument to rescue companies in difficulty.

SEPI sources have informed EFE that, once it has reached maturity, the fund -which until now has

granted aid amounting to 1,080 million euros

, 23% of the total requested- will continue to require a volume of work that justifies its strengthening.

A strengthening that responds to the demands derived from the quantity and complexity of the operations in progress and that is part of the updating of the structure necessary to manage the Fund, with the aim of guaranteeing adequate monitoring of the operations during the coming months and years.

HUMAN MEDIA AND MATERIALS

In this sense, SEPI has expanded its human and material resources for the resolution of files with the hiring of interim personnel: 29 senior graduates and professionals from external advisory firms who independently analyze and evaluate the financial and legal viability of each operation.

External advisers are hired for each request for financial support received by the Fund within the scope of a framework contract of which

40 top-level firms and consultants previously selected

for this purpose

have been a part since last March

, 20 focused on legal aspects and the rest in the financial area.

The mentioned sources recall that SEPI has been carrying out an intense analysis and field work that is materializing in the resolution of complex operations with great impact and that, therefore, require a meticulous and very rigorous study.

PROCESS

The study of operations begins at the request of the company, which must present 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 move forward

, including financial support temporary public required to reach its viability and the form and date of return of said funds.

Thereafter, SEPI analyzes the documentation sent to determine in a preliminary phase whether the information is sufficient or whether the company is required to expand on specific aspects necessary for the analysis.

Then two independent advisers are hired, one financial and the other legal, through a public tender, to study whether the eligibility criteria established in the regulations are met, in addition to analyzing the company's previous situation, the impact of the pandemic, and sufficiency. of the measures proposed for its viability.

The analysis requires studying the sector to which the company belongs, its possible evaluation and the keys to competitiveness to evaluate the scope of the recovery, contrasting the company's forecasts and

possible sensitivity scenarios

to determine the proportionality of the requested financial support and its capacity. return of public funds.

It also includes the perspectives of the company and those of the field of activity in which it operates, 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 regulations of the Fund, with a view to verifying the concurrence of all the eligibility requirements that lead to granting or denying the requested financial support.

Finally, all mandatory reports and contracts for temporary public financial support must be prepared, establishing the financing conditions and the commitments assumed by the company, before submitting the resolution proposal to the Management Board, which, if estimated, takes it to the Council of Ministers for authorization.

The work of the Fund does not end with the resolution of granting financial support, but, as this implies the granting of a loan, a lasting relationship is established thereafter aimed at supervising the guarantees offered for the repayment of the aid and proceeding Consequently.

In this sense, companies must report information that allows the Fund to monitor operations on a timely basis and adopt the necessary decisions in each case.

Beyond, then, the exhaustive analysis of each file to determine the granting or denial of temporary public support, the Fund

must monitor each of the files

throughout the term of said support, which may reach a time horizon of up to 7 years.

This procedure is what has led SEPI to reorganize and reinforce the structure dedicated to the Fund, in order to guarantee that it has the necessary means to carry out the assigned tasks with the utmost rigor.

APPROVED OPERATIONS

The Fund was established a year ago and since then it has approved the following operations:

Air Europe.

Aid granted of 475 million in a participative loan for the amount of 240 million and an ordinary loan of 235 million.

Hard Felguera

.

Help of 120 million in a participatory loan for the amount of 70 million, another ordinary of 20 million and a capital contribution or, where appropriate, a new participatory loan, for 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 participative loan and another ordinary of 156.8 million.

Pipes Assembled

.

Help of 112.8 million in a participative loan.


According to the criteria of The Trust Project

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