Cabify joins SEPI support asking companies list as it requests a rescue of 26 million euros for Vector Ronda - The queue of companies asking for a bailout from the Sociedad Estatal de Participaciones Industriales (SEPI) continues to grow. The last to request help has been Vector Ronda, owner of vehicles created by Rosauro Varo that since 2019 is owned by Cabify, according to the Information published this Thursday.

The rescue could exceed 26 million euros, according to the aforementioned media, which details that the company will receive in the coming weeks an advisor to work on the rescue. In particular, Vector Ronda Teleport would obtain, through 18 different companies, an aid divided almost 50% between participative and ordinary loans, according to the sources of the process collected by the Information.

Vector, which is part of the Maximobility Spain group and has a fleet of more than 1,600 high-end cars, as reported on its website, thus completes with Cabify a negative period in which it has suffered the impact of the coronavirus crisis and mobility restrictions and has presented an ERTE in Spain.

Cabify joins SEPI support asking companies list

It is no exception: behind it there are some 25 companies waiting for SEPI to respond to its rescue request, and it has received requests for help from 500 companies since it was approved in July last year as an urgent aid mechanism for non-financial and strategic firms.

A year later, however, it has only approved 5 bailouts and used 10% of the original fund of 10,000 million euros: Air Europa (475 million euros), Duro Felguera (120 million), Plus Ultra (53 million), Ádoris Corporación Empresarial (320 million) and Tubos Reunidos, the last one, approved this Tuesday and will receive 112.8 million euros.

Cabify joins SEPI support asking companies list

Once these 1,080. 8 million euros have been disbursed,therefore, I would still have more than 8,900 million to distribute, and multiple candidates.

So far the highest request is that of Celsa, the largest Spanish steel company, which has requested up to 700 million euros, although it could be less. There are also Abengoa, which demands 249 million euros; Artificial (30 million), Grupo Villar Mir (240 million), Media Pro (230 million) and Naviera Armas (100 million).

Cabify joins SEPI support asking companies list

To these are added the airline Wamos (has order $ 75 million), Air Nostrum (103 million), Hesperia (55 million), Room Mate (52 million), Hotusa (320 million), Soho (32 million), Serhs (35 million), Julia (37 million), Pangea (25 million) and Albastar (also 25 million), among others.

According to the information, SEPI has offered its team of advisors this week to bid to advise 4 companies in their bailouts: Ferroatlántica, from the Villar Mir Group; Abengoa, a multinational specialized in infrastructure, energy and water; the transport company Juliá and the hotel group Abba.

Cabify joins SEPI support asking companies list

More news:

SEPI has only solved 5 bailouts, and used 10% of the original fund while dozens of companies are still pending resolution

The Sociedad Estatal de Participaciones Industriales (SEPI), attached to the Ministry of Finance, has a pending task. It has only approved 5 bailouts in a year and there are still dozens of unresolved applications from companies affected by the pandemic.

The Minister of Finance, María Jesús Montero, transferred in July last year the power to approve these rescues to SEPI, through the Fund to Support the Solvency of Strategic Companies affected by the Covid-19 crisis, which provided with 10,000 million euros.

12 months later, the body chaired by Belén Gualda has only spent 1,080.8 million euros,10% of the total. Applications are approved on a drop-count basis, on average one every 2 months.

The first company to receive a response was Air Europa last November, the airline was granted 475 million. The next 2 were Duro Felguera (120 million) and Plus Ultra (53), both of which were approved by the council of ministers on 9 March.

On March 16th, it was the turn of Avoris Corporación Empresarial, a company resulting from the integration of the Barceló and Globalia groups, which requested 320 million euros.

And this same Tuesday, July 13, SEPI approved the rescue of Tubos Reunidos. As reported by the Basque company to the CNMV will receive 112.8 million euros. If applicable, the disbursement will arrive six months after the request is made.

There are currently about 30 companies waiting for the SEPI to respond to their ransom request. The meagre award one year months after this fund was launched has been called into question in recent months. This is an instrument of urgent assistance and only 5 requests have been resolved.

Different sources highlight that the controversial rescue to Plus Ultra has slowed down all operations, which are now looked at more closely in order to avoid social conflicts, such as the one caused by the airline.

So far the highest request is that of Celsa, the largest Spanish steel company has requested up to 700 million euros, although financial market sources consider that the final rescue will be somewhat lower.

Abengoa also demands 249 million euros; Artificial 30 million, the Villar Mir Group has requested 240 million; Media Pro 230 million; and Naviera Armas about 100 million.

Although the tourism sector takes the lead, the airline Wamos has requested 75 million; Air Nostrum another 103 million; Hesperia 55, Room Mate 52, Hotusa 320, Soho 32, Serhs 35, Juliá 37; Pangea 25, or Albastar 25, among others.

In some of these companies, SEPI has exceeded the 6-month limit for responding, although this may also mean that it has been rejected. In any case, it has not been officially communicated.