SEPI concludes its entry into ALESTIS Aerospace’s social capital
01 February 2015 | Madrid
- The transaction guarantees the Company’s feasibility and future, besides preserving its 1,600 jobs
The state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) has concluded this weekend the transaction for the bail out of ALESTIS Aerospace, after the subscription and disbursement of a capital increase, through a 13.5 M€ cash contribution, thus purchasing 24.05% of the shares which represent the social capital.
Furthermore, ALESTIS’ General Meeting of Shareholders has resolved to pass the proposal of SEPI’s Board of Directors of appointing as Members of the Board on behalf of the state-owned corporate holding Mr. Bartolomé Lora and Mr. Manuel Alves.
In this way, SEPI concludes the actions envisaged in the agreement between AIRBUS and SEPI and which stipulated the terms and conditions for the entry of the state-owned holding into the shareholding, the structure and the working of the corporate governing bodies of ALESTIS Aerospace, as well as the undertakings which AIRBUS will assume, all with the final goal of guaranteeing the company’s feasibility and future, and preserving the 1,600 jobs in the company.
The conclusion of this transaction takes place after obtaining the authorization from the Council of Ministers on December 5th, 2014, the capital restructuring through an accordion operation, which involved a capital reduction and a later capital increase – which took place between December 15th and January 30th - and the purchase by AIRBUS of the shares owned by SOPREA, a company which leaves both ALESTIS’ shareholding structure and its Board of Directors.
Once all the transactions have taken place, ALESTIS Aerospace’s social capital amounts to 56.1 M€, and the only remaining shareholders are AIRBUS – with 61.91% of the total - SEPI - with 24.05% - and UNICAJA – with the remaining 14.04%. The Board of Directors of ALESTIS Aerospace is made up by 7 Members, of which AIRBUS appoints 4, SEPI appoints 2, while the remaining Director is appointed by UNICAJA.
Agreement between AIRBUS and SEPI
According to the terms and conditions reached before, AIRBUS will have the control over ALESTIS’ operations, in order to guarantee the implementation of the Feasibility and Reorganization Plan. On the other hand, SEPI will be involved in the management and governance of the Company, and will enter into its Board of Directors and in the other Committees.
In order to make possible the implementation of this agreement, the Ministry of Finance and Public Administrations voted at the end of last year in favor of the creditors settlement submitted by ALESTIS, which involved an extension of the payment of the debt, which amounts to 176 M€, both in its capacity as a common creditor and for its privileged loan, postponing for seven years the maturity of its loans from the original envisaged date for their repayment, keeping the loan interest-free for the time it is in force.
On its part, the Ministry of Industry, Energy and Tourism also contributes to ALESTIS’ rescue plan, overtaking the disbursement of about 19 M€ corresponding to the financial year 2013 for the collaboration agreement which it has with ALESTIS, regarding the development program for the Airbus A350 XWB plane, confirming the continuity of the above mentioned agreement regardless of the Company’s shareholding structure.
Finally, SOPREA undertook to finance technological programs for the amount of 13.7 M€ and to grant a participative loan amounting to 3 M€. Both contributions were expressly declared as in keeping with the competition and state aid policy by the Decision from the European Commission on July 9th, 2014, which was clarified by a later one on October 9th, 2014.
ALESTIS Aerospace
ALESTIS is a supplier of aircraft structures to Airbus (both civil and military). In the case of Airbus-Civil it supplies parts and components for, among others, A380, A330, A320 and A350 models. Among the Airbus Military’s programs are those for the CN235/C295 and A400M. It is also a supplier for Embraer and Boeing. Its social domicile is located in Seville, and it has seven production facilities, of which six are in Spain and the remaining one is located in Brazil. Its workforce is made up by 1,600 employees.