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The Government is negotiating with Air Europe a public rescue that ensures the survival of the company, hard hit by the pandemic coronavirus. The Ministry of Transport go to the company’s “strategic” because of its important presence in the airport Adolfo Suárez-Madrid Barajas and believes that its sale to Iberia, is “very important” for the competitiveness of the country.
So what explained sources of the department headed by José Luis Abalos, who is interceding between Iberia and Air Europe to ensure that we complete the sale of this last. The operation was valued initially at a billion euros, but after the outbreak of the pandemic Iberia is trying to renegotiate the amount down.
that these discussions will come to fruition is vital that Air Europa has ensured its economic viability. And this end can only be achieved with a bailout of the State, which has enabled a fund of 10,000 million managed by the State Society of Industrial Participations (SEPI) to support enterprises ‘strategic’. “If we don’t help we are still two news”, he came to affirm the founder of Globalia, group owner of the airline, Juan José Hidalgo, in the macrocumbre business organized by the CEOE in June.
Since the Government ensure that it has not yet been decided how instrumentarían these aids, which could reach through the granting of equity loans, purchase of subordinated debt or sucripción of actions. But yes drop that the ransom is close to fruition, after that during this month of August, Air Europa has been shared with the SEPI details of their financial and economic situation. The coronavirus has generated a financial hole close to the 400 million euros into the airline.
Transport affects the character for “strategic” Air Europe, which has a great number of routes with Latin america from Barajas. Precisely this fact was the one who pushed to Iberia to buy the airline for billion euros last November. An amount that could now stay in the middle. The president of the flag carrier, Luis Gallego, has already warned during the presentation of results of the company Air Europa “is no longer worth what it was worth”, thus leaving the door open to abort the operation. The plans of Iberia, passed to resolve the purchase of Air Europe, for good or for ill, before the end of the year.
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