The State Society for Industrial Participations (SEPI) announced this Tuesday that it has completed the analysis to grant a rescue of 340 million euros to the engineering firm Técnicas Reunidas. The aid is structured in an ordinary loan of 165 million and a participating loan of 175 million.
Técnicas Reunidas requests 290 million from the State rescue fund
“In the next few days” it will be submitted for approval by the Management Council of the Solvency Support Fund for Strategic Companies and, subsequently, for authorization by the Council of Ministers.
The Fund, endowed with 10,000 million euros, has already established the terms and conditions for the granting of this financing, after “a rigorous, exhaustive and guaranteeing work strictly following the regulations that regulate this financing instrument”, indicates the SEPI in a release.
Independent advisors have participated in the process, responsible for verifying compliance with the eligibility requirements and analyzing the sufficiency of the measures proposed in the viability plan presented by Técnicas Reunidas.
In processing the file, the strategic nature of the Técnicas Reunidas Group as a leading Spanish company in the design and construction of industrial plants in the energy sector has been taken into account. “With a presence in more than 50 countries, Técnicas Reunidas has a workforce of approximately 7,000 professionals, of which more than 4,000 are in Spain,” recalls SEPI.
The amount finally granted is higher than the 290 million in which the Lladó family group encrypted the financial aid it would need when announcing that it had requested to benefit from that fund, last July, given “the long duration and depth of the pandemic” and after recording losses of 164 million in the first half of last year.
Until the third quarter, the group suffered losses of 155.8 million. Técnicas Reunidas announced last week the appointment as CEO of Eduardo San Miguel, until now its financial director. Juan Lladó remains as executive president, who took over at the head of the group from his father, former minister José Lladó Fernández-Urrutia, in mid-2020.