The SEPI faces the decisive month to resolve some of the great business rescues that are pending. Next June 30 is the deadline for the Government to give the green light to the aid that should serve to guarantee the viability and employment of companies such as Celsa or Abengoa, which have requested millionaire loans from the Strategic Companies Solvency Support Fund . That day ends the period of exception that the European Union gave to allow certain public aid in the member states, including that related to the fund of up to 10,000 million managed by SEPI.
In the case of Celsa, the company has already accepted the conditions set by the managers of the public fund for the disbursement of this aid, which have been set at 550 million euros. But, despite this, nothing is closed yet. The arrival of the money to the Rubiralta family company is subject to an agreement with Celsa's creditors, a large group of funds that bought the bank debt and to which the company recognizes collection rights that are much lower than the nominal value of the credits acquired.
The company intends that, before agreeing on the entry of SEPI money, the funds agree to reduce their creditor position from 2,200 million euros to about 1,200 million, according to sources consulted. They don't recognize their rights to the rest because they bought the debt at a deep discount years ago.
For their part, the creditors are analyzing the documentation and are expected to give a response by the end of next week, although it is highly unlikely that they will simply accept what they describe as "a haircut of more than 1,000 million." The funds believe that the transfer of credit by which they took the place of the banks gives them the right to demand 100% of the debt and they consider that if Celsa wants an agreement to reduce this amount, it has ways to compensate them, such as giving up part of the capital or through assets.
The company refuses, at least for now, to give entry to the funds in the capital. Celsa has agreed not to distribute dividends and to reinvest profits in the company during the seven years of duration of the public credits. In fact, Celsa has maintained this policy for 15 years and ensures that it will maintain the shareholding structure during that time. Additionally, it has committed to subscribe a capital increase of 50 million.
SEPI aid is structured in two parts. In the first place, a participatory loan of 280.5 million and another ordinary loan of 269.5 million. Given the amount of the participatory loan, which exceeds 250 million, the aid requires validation by the European Commission, prior to authorization by the Council of Ministers. SEPI sources insist that they are waiting for Celsa to close the agreement with the creditors. It will be at that time when it is submitted to the Fund's management board for final approval.
As regards Abengoa, which has requested 250 million, the scenario is the opposite. In this case, the company has an agreement with the creditors and a fund willing to inject capital and what is missing now is for SEPI to make a move. Time is running out and the Sevillian company hastens its options.
