Air Europa carried out a capital increase amounting to 65 million euros, entirely subscribed by Globalia, even if IAG, owner of 20% of the airline, could join until December 13, according to Europa Press.
The company claims that this expansion would be sufficient to complete the closing of the current financial year and would represent “significant support” for the management carried out in recent years. “With this capital increase, we are able to look with more confidence into the horizon of an unstable market in which we are convinced that there will always be room for growth,” said the president of Globalia, Juan José Hidalgo, in a press release. .
As IAG CEO Luis Gallego announced during the results press conference, IAG would study its participation in this capital increase. At that time, he had not yet made any decision on this matter. IAG already owns 20% of Air Europa, acquired in an operation which was to end with the purchase of 100% of the airline Globalia, an operation which was paralyzed last summer given the high demands of the European Commission in matters of competition.
This is why, according to ‘El Economista’, the Hidalgo family, owner of Globalia, opted for a capital increase to prevent Air Europa from dissolving next year due to the losses it has accumulated since the pandemic and the deterioration of its activities. net worth after the expiration of the two-year moratorium approved by the government.
The company affirms that it is moving forward in its process of deleveraging and reducing financial costs while “respecting the responsibilities acquired” after having received in 2020 a loan of 475 million from the Solvency Support Fund for Strategic Companies, managed by the State Industrial Participations company. (SEPI).
