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The airline, Air Europa, received internal approval from the State Company for Industrial Investments (Sepi) for the bailout of the company for a total of 475 million euros.
According to information from El Confidencial, after the crisis aggravated by the Covid-19 pandemic, the company had to increase the request for public aid; for example, Globalia had to request another 75 million on its initial request of 400 million euros.
Recommended: IAG will purchase Air Europa at the end of 2020 or January 2021 if there is a price agreement
However, after the crisis, 2021 should be the year of recovery for many of the economic sectors most affected by the wave of Covid-19 in the world, after most of those affected recovered and the new possible vaccine took effect. Elements that could greatly reactivate the tourism sector in the world and, obviously, the airlines.
According to information from El Confidencial, Sepi approved the rescue through the emergency route given the critical situation of Air Europa. The company, which barely has liquidity until Christmas, according to some sources close to the company, hasn’t paid suppliers for months.
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In addition, the airline has prioritized paying its employees’ payslips, including the October one. But he no longer has enough money to meet the salaries of November and December despite the state having taken over most of the salaries of pilots and employees through Erte.
The payroll of the 15 thousand employees of Globalia, the holding that manages Air Europa, paid by the State, is close to 38 million euros per month.
It should be remembered that, on 19 October 2020, Air Europa announced its intention to double its offer of flights to Latin America by the end of the year, with an increase in frequencies and the progressive inclusion of new destinations, but also with a increase in the number of seats Offered to 72%.
From next month the company will also operate an additional weekly flight to Santo Domingo, passing from two to three frequencies; and another to Quito and Guayaquil, where it will fly twice a week.
But the economic reactivation plan also includes other destinations and measures such as, for December, Globalia’s air division will maintain its upward trend in Latin America and will grow in Bogotá, Havana, Buenos Aires, Lima and Santa Cruz in Bolivia, with another weekly frequency.
According to El Confidencial, the increase in routes and frequencies will be further strengthened due to the Christmas holidays, when Air Europa will reactivate its operations in Miami, Panama, Punta Cana and Salvador de Bahía, with two weekly flights to each destination.
This activation of destinations and routes allows the airline to predict that, by the end of this year, the airline will be able to operate in 18 of its 23 American destinations.
(With information from El Confidencial)
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