Air Nostrum returns 20 million euros to SEPI for aid during the pandemic

Valencia.- Air Nostrum has returned this Monday 20 million euros to the SEPI from the participatory loan of 111 million that was granted to the airline with funds from the Strategic Business Solvency Support Fund (FASEE) during the covid health crisis. Air Nostrum has also advanced today 809,550 euros in concept of outstanding interest on the principal amortized. The aforementioned funds were “decisive for Air Nostrum to be able to maintain its activity”, according to the company itself in a statement. In 2020, Air Nostrum lost 140 million euros after being forced to suspend all its flights for months due to the Covid-19 crisis, and to fly the rest of the year with significant restrictions regarding the occupancy of flights and the destinations of its usual network. You can also read: The loan was approved on May 31, 2022, after the analysis of the economic and legal situation of Air Nostrum, which lasted 13 months, a period during which the SEPI and Grant Thornton (a third-party advisor hired by the SEPI for this purpose) studied the viability plan presented by the company.

Health Crisis

Following the restructuring of the amortization schedule without write-downs in December 2024, it was agreed that the entire principal and remaining interest would be amortized in a single payment in 2028. Following today’s early repayment, the outstanding principal amount has been reduced to 91 million euros, reports Air Nostrum. In total, the Valencian airline has already paid the SEPI 20 million euros of principal and 21.6 million euros of interest corresponding to the aforementioned participating loan. Regarding the rest of the loans that Air Nostrum took out in 2020 as a result of the health crisis, of the 133 million euros in loans with the ICO guarantee signed, both with commercial banks and with the ICO itself, the company has already amortized 75 million in principal and 23.6 million in interest. Therefore, the total amount paid by Air Nostrum to date, corresponding to the financial obligations incurred by the company during the pandemic, amounts to 140.2 million euros.