Air Nostrum has executed the repayment of 20 million euros to SEPI, corresponding to the participating loan granted during the pandemic by the Solvency Support Fund for Strategic Companies (FASEE). This operation, carried out this Monday from Valencia, also includes 809,550 euros in pending interest, strengthening the financial position of the Spanish regional airline.
Context of the health crisis and the bailout
In 2020, Air Nostrum recorded losses of 140 million euros due to the massive suspension of flights caused by COVID-19. Restrictions on capacity and destinations severely limited its operations. The FASEE funds, approved on May 31, 2022, after 13 months of analysis by SEPI and Grant Thornton, were crucial to sustaining activity, as the company itself highlights.
Details of the participating loan
The initial loan of 111 million euros had its terms restructured in December 2024, with total amortization scheduled for 2028. With this early repayment, the remaining principal drops to 91 million euros. To date, Air Nostrum has paid 20 million in principal and 21.6 million in interest for this financial instrument alone.
Other financial obligations during the pandemic
- Air Nostrum subscribed to ICO loans for 133 million euros in 2020.
- It has amortized 75 million in principal and 23.6 million in interest on those guarantees.
- Total paid for all COVID aid: 140.2 million euros.
Recovery and viability
This early repayment reflects the recovered solidity of Air Nostrum, a key operator for Iberia on regional routes. Aviation experts point out that the Spanish sector has progressively repaid state aid, with airlines like this one leading post-pandemic normalization. In 2023, Spanish air transport carried 120 million passengers, 98% above 2020, according to Aena data, driven by pent-up demand and operational efficiency.
Air Nostrum‘s decision brings forward payments without write-offs, demonstrating confidence in its thoroughly reviewed viability plan. Industry sources emphasize that these repayments free up public resources from SEPI, destined for strategic companies, and mark a milestone in the economic recovery of Spanish aviation after the worst crisis in a century.
In perspective, Air Nostrum has not only honored its commitments, but also positions its fleet to grow in a competitive market, with a focus on sustainability and efficient routes.
