The airline Air Nostrumwhich operates under the franchise Iberia Regionalhas achieved the white smoke of the State Industrial Participation Company (SEPI) to modify the payment terms of the ransom money that was injected in 2022 to guarantee its continuity after the crisis in the sector due to Covid19.
Specifically, the airline company and SEPI have agreed to postpone payment of the installments of the participatory loan of 111 million granted by the state company until it expires in 2028. In this way, The airline postpones the initially planned installments, the first of them in June 2026 and the next in June 2027. Insteadwill make a single ‘bullet’ payment on June 23, 2028 to repay the entire loanas explained by the airline itself.
The agreement, which provides financial peace of mind to the Valencian company to face its financial debt and was closed in December, was advanced by The Confidencel. From the Valencian company they emphasize that the agreement reached is a formula similar to that already had by other airlines and companies that are also beneficiaries of the SEPI bailouts through the loans from the Solvency Support Fund for Strategic Companies (FASEE), created to avoid the closure of viable companies due to the pandemic crisis.
Thus, the new conditions They do not imply a reduction of the principal or interest of the debt nor a postponement of the final due date nor any increase in the amount initially granted. This amount will continue to be the same as originally agreed and the maturity of the credit will continue to be set for 2028.
Payment of 85 million debt
The airline controlled by its president, Carlos Bertomeu, together with the founders of the Valencian Infertility Institute (IVI), considers that this postponement will allow it greater room for financial maneuver and focus in these coming years on the return of guaranteed credits. ICOs subscribed with different financial entities and with the ICO itself.
In total, Air Nostrum signed loans Covid for an initial value of 133 million eurosof which currently 78 million euros remain to be returned. As he explains, between 2021 and 2024, The airline has returned 85.8 million euros between amortizations and interest to the SEPI and the banks who were granted Covid credits during the pandemic.
The airline recorded losses of 140 million euros in 2019 after having all its planes stopped for almost three months due to confinement and restrictions. After recovery from Covid, the company was able to return to profits in 2022 and last year invoiced 539 million euros, with some aggregate profits before tax of 3.3 million euros.
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