A report from the State Society of Industrial Participations (SEPI) concludes that the bailout of the airline Plus Ultra was “legal and transparent.” SEPI issues this study in response to the suspicions of the National Court judge José Luis Calama, who is investigating the Zapatero case and believes that this bailout was not lawful. In the order issued by the magistrate, it is considered that Plus Ultra was in a state of bankruptcy at the time of the bailout. Consequently, the government of Pedro Sánchez could not save it since the applicable European law at that time, March 2021, strictly prohibited rescuing companies in dissolution.
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However, SEPI, the entity through which the bailout was carried out, maintains the opposite and provides a series of proofs to support that the bailout of Plus Ultra for 53 million euros as a “strategic” company was absolutely correct. Among these documents are a report from the Court of Auditors, the audit by the General Intervention of the State Administration (IGAE), and a ruling from the Court of Justice of the European Union. SEPI also states that this matter was already investigated by an investigating court that agreed to dismiss the case.
Additionally, the public entity reviews the repayment schedule of the aid. Plus Ultra does not have to repay the participative loan, which amounts to 34 million euros, until March 2028. It was supposed to have returned the 19 million from the ordinary loan in March of this year, but a deferral was granted “due to the rise in the cost of kerosene and the closures in Venezuela.” SEPI also notes that the airline has already paid 12 million euros in interest. It adds that “a plan is being studied to guarantee the viability of the company and the repayment of funds.”
SEPI, which offers “maximum cooperation with Justice,” adds that “in none of the file reviews carried out by auditors, external advisors, and SEPI’s own team, have irregularities been observed.” It also points out that it is “normal” for the bailout money “to be used to pay creditors.” This point is also questioned in Judge Calama’s order. It details how Plus Ultra has used the 53 million received after the Council of Ministers approved its bailout: 40% to pay creditors, 22% to operational payments, 19% to passenger refunds, and 19% to working capital.
The audit report from the Court of Auditors conducted in September 2024 and provided by SEPI states that Plus Ultra received total financial support of 53 million euros through the Support Fund for the Solvency of Strategic Companies (FASEE). That the bailout was executed through two types of loans: a participative loan of 34 million euros and an ordinary loan of 19 million euros. And that the operation was formalized before a notary on March 12, 2021, just three days after government authorization.
It adds that to certify its strategic nature as an airline, the file included reports from the State Aviation Safety Agency and the Directorate General of Civil Aviation and emphasizes that no aid requested by airlines was denied, following the European Commission’s criteria in considering this sector strategic.
Regarding the debt status at the close of the 2022 fiscal year, the Court of Auditors noted that Plus Ultra had not amortized any amount of the loans received, so the outstanding balance with the Fund remained 53 million euros. It added that there were external management costs, as SEPI hired external advisors through emergency procedures for the analysis and evaluation of Plus Ultra’s application. The amounts billed for these services in 2021 amounted to 87,120 euros for financial advice and 41,140 euros for legal advice.
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