Government launches its biggest ever defense: 550 million for Celsa, sponsored by Generalitat de Catalunya

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Sanchez himself intervened to save the Rubiralta family’s steel company and did not wait for a prior settlement between the company and its creditors.

President of the Generalitat, Pere Aragon
The President of the Generalitat, Pere Aragon, and the President of the Government, Pedro Sánchez, at the annual meeting of the Cercle de Economy last MayWorld

The government has formed the largest bailout ever with a solvency support fund for so-called strategic companies by approving 550 million for the Catalan steel group Selsa as requested by the Generalitat de Catalunya. The governing board of the fund does not wait for an agreement between the owner family rubiralta And creditors, including Deutsche Bank, have already approved the operation, according to a statement from the State Company for Industrial Participation (SEPI).

“The operation has been approved by the Management Board of the Solvency Support Fund for Strategic Companies After an elaborate and rigorous process of analysis The company’s economic and legal status, its impact from COVID and the viability plan of CELSA Spain (Barna Steel SA and its 13 operating Spanish subsidiaries), debt restructuring with its creditors, as well as the company’s growth prospects and temporary public financial Regarding the guarantees provided to ensure the return of aid,” the statement said. Selsa was heavily indebted before the pandemic, but Sepi believes it was not in crisis before 2020, a Necessary requirement to avail the fund. The assistance is arranged through the grant of “participatory loan amounting to 280.5 million and another general loan of 269.5 million” Solvency Support Fund for Strategic Companies (FASEE)”.

Selsa is a relevant Spanish export group, but Sepi has studied the matter for more than a year and there are many doubts about whether to start it or not. The Government of Catalonia with the personal participation of its President, pere aragonThe U.S. has pushed hard in recent weeks to the point that the government’s president, Pedro Sánchez, personally called on Deutsche Bank last Monday to facilitate state injections to creditors, ending their confrontation. . Francesc Rubiralta and his companions. On 8 June the Government’s Minister of Enterprises said “Selsa is an industrial mainstay in Catalonia, a generator of thousands of jobs linked to the industry with a sustainable production model, supported by the Government of Generalitat”. Roger Torrent. Esquera is a relevant partner for the stability of the current coalition government.

According to Sepi’s statement, the amount is so high that it will require an examination by Brussels so that the government can put the final seal. ,Completion of the operation would require prior recognition by the European Commission, authorization of the Council of Ministers”.

This justifies the defense because “Selsa creates 33,000 direct, indirect and induced jobs in seven autonomous communities”. He explains that “Selsa Spain, which is part of the CELSA Group, is a family-owned industrial conglomerate established in 1967 that deals in the steel sector. The group has a strong national and international presence, being the second European producer to long products of steel”.

FASEE has given dozens of grants to date, including tourist groups such as Air Europa and Voris, industrial groups such as Duro Felguera, Ferroatlantica or Tubos Reunidos, and is also investigated by the courts, such as the case of Plus Ultra airline.

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