The State Society for Industrial Participations (SEPI) and Globalia have already placed their pieces on the new Board of Air Europa, in which the key figure of the CEO remains to be appointed.
The profile of an expert is sought, according to sources familiar with the process, with the limitation of a reduced salary due to the critical situation the company is going through and its recent rescue with public money.
The new decision-making body of Air Europa Lineas Aereas, Air Europa Holding and Aeronova gives entry as members, by SEPI, to José Ángel Partearroyo Martín, lawyer and current director of Investees in the public holding company, already Juan Manuel Bujía Lorenzo, aeronautical engineer with an extensive career in the sector.
On the part of Globalia, the founder of the airline will sit on the board, Juan Jose Hidalgo, who remains as president. Together with him will be the general director and head of the group’s Economic Finance, Miguel Angel Sánchez Jiménez, and the Director of Legal Advice, Ramiro Campos Gallego, whose role will be that of secretary of the council.
The appointment of the CEO will be made by mutual agreement between SEPI and Air Europa in a future meeting, although it is the public entity that could lead the way.
The airline received emergency aid a month and a half ago with a public loan of 475 million. This was divided into a participative loan of 240 million euros and an ordinary loan of 235 million. Both instruments are provided for in the Ministerial Order of July 23, which establishes the operation of the Fund to Support the Solvency of Strategic Companies, endowed with 10,000 million euros.
The loans, which did not require the approval of the European Commission, are backed by Globalia’s corporate guarantee as well as by the commitment to establish a mortgage on the group’s headquarters in Pozuelo (Madrid) and Palma de Mallorca.
Once the bailout has been signed, of which the company has already collected part, the parties hold a monthly meeting of the Monitoring Commission to monitor the execution of the viability plan presented by Air Europa before accessing the financial aid.