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Sepi Leaves A Dozen Hoteliers Without Rescue Before The Summer Campaign

The State Society of Industrial Participations ( Sepi ) has been three months , since last March 16, without approving any rescue of the Fund to Support the Solvency of Strategic Companies. This situation places most of the thirty companies that are awaiting the approval of their rescue in a very difficult economic situation. The reality is even harsher if possible for the dozen companies in the tourism sector that see how they must face a second summer at mid-gas without the support of public money.

Hotusa , Pangea, Wamos Air, AlbaStar , Juliá, Hotelatelier … all of them, and many others, submitted their request to the rescue fund months ago and remain unanswered. Sources familiar with the status of the files tell elEconomista that there have been several factors that have affected this delay. On the one hand, the scandal surrounding the rescue of the airline

Plus Ultrawhich has led to the front pages of all the newspapers and even to the Justice the decision to give this support to the company. On the other, the replacement in the presidency of Sepi, which after more than a year and a half vacant, was occupied by Belén Gualda , until then president of the public Navantia.

This situation has led to, in many cases, reaching the limit of the six-month period that the regulation gives Sepi to decide on each file. For example, some such as those of AlbaStar , Juliá or Wamos Air , appeared between the months of January and February and, to this day, they still do not have an answer.

The fund’s regulations indicate that once the six-month period has elapsed without an express resolution having been issued and notified, it will be understood that the application has been rejected.

Taking the term to the end means, among other things, putting in check the viability of many of the companies that requested the aid , especially considering that one of the main objectives of the fund was to help companies at risk in the short term.

Market sources point out to this medium that the delays that have been accumulating in recent months will lead to ” loading the councils of ministers just before the bailout authorization holidays . ” In this sense, the same sources suggest that the end of June and the month of July will be key dates to “strain” the green light for some of these requests.

So far only four files have been approved: Air Europa, which requested 475 million euros and is immersed in the purchase operation by Iberia; Duro Felguera , a company that was on the verge of bankruptcy after the rescue was authorized; the controversial airline Plus Ultra , in the hands of businessmen linked to the Venezuelan regime; and the union of the travel agencies s Ávoris and Halcón , owned by Barceló and Globalia, respectively.

After three months of almost total paralysis, there are still around thirty files in the drawer , largely from tourism companies, waiting for Sepi’s approval to survive.

The controversial files
Beyond the companies linked to the tourism sector, other very controversial companies have also filed a request. This is the case of Abengoa , which last March, after the parent company declared itself in voluntary bankruptcy, requested 249 million through this instrument.

This figure is not by chance, since the aid that exceeds 250 million must pass the magnifying glass of Brussels, but if they are below it is sufficient with the authorization of the Governing Council and the Council of Ministers.

Another of the great controversies is that of the Mediapro group , in the hands of Jaume Roures. The company requested 230 million euros from Sepi but the operation, like the rest, is currently on standby. Sources close to the public point to Mediapro’s relationship with Podemos as one of the reasons for doubts when giving the ok.

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