Air Europa has carried out a capital increase worth 65 million euros, fully subscribed by Globalia, although IAG, owner of 20% of the airline, may join until December 13, according to Europa Press.
The company affirms that this expansion would be enough to complete the closing of the current fiscal year and will represent “important support” for the management carried out in recent years. “With this capital increase, we are in a position to look more confidently at the horizon of an unstable market in which we are convinced that there will continue to be room for growth,” said the president of Globalia, Juan José Hidalgo in a statement. .
As announced by the CEO of IAG, Luis Gallego, during the results press conference, IAG was going to study its participation in this capital increase. At that time, he had not yet made any decision on the matter. IAG already owns 20% of Air Europa, acquired in an operation that was intended to be completed with the purchase of 100% of the Globalia airline, something that was paralyzed last summer given the high demands of the European Commission regarding competition. .
This is why, according to ‘El Economista’, the Hidalgo family, owner of Globalia, opted for a capital increase to prevent Air Europa from going into dissolution next year due to the losses it has been accumulating since the pandemic and the deterioration of its net worth after the two-year moratorium approved by the Government expired.
The company states that it is advancing in its process of deleveraging and reducing financial costs while “complying with the acquired responsibilities” after receiving a loan of 475 million in 2020 from the Solvency Support Fund for Strategic Companies, managed by the Company. State Industrial Participations (SEPI).
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