Madrid (EFE).- The banks and the State, through the ICO, are gambling 64.5 million euros in the rescue of the Naviera Armas, if the current plan of a group of investors to gain control of the company that operates different routes in the Canary Islands and connects the islands with the peninsula.
In mid-April, the main bondholders of the Canarian company, advised by JP Morgan, Barings, Cheney Capital, Bain Capital and Tresidor, agreed to extend the maturity and reduce their debt from 445.9 million to 178.4 million, to change of controlling the majority of the capital, specifically 94% of the capital.
This would allow the Armas Trasmediterránea group to reduce its debt by almost half, from 538 to 278 million, and the remaining 6% of the company would remain in the hands of the Armas family, founder of the shipping company and of Lanzarote origin, if approved. the company’s shareholders’ meeting on May 22.
In addition, the new majority shareholders agree to provide up to 73.3 million in financing to cover any liquidity needs of the group while the recapitalization process is carried out.
Shortly after announcing the agreement, the President of the Government of the Canary Islands, Ángel Víctor Torres, met with the new owners of Naviera Armas and welcomed the fact that the company’s presidency would remain “in Canary Islands hands” and the commitment that they will maintain all routes between the islands and with the peninsula.
However, the rescue plan proposed by this group of investors intends that the banks -Santander, CaixaBank and Sabadell- in addition to the State, through the ICO, write off 65.5 million injected into the company in loans during the pandemic for lost.
Financial sources explain to EFE that the entities want to receive the same treatment as the bondholders and reject a total haircut that would mean giving up the money lent to the Naviera Armas with State guarantee in full.
On the other hand, the funds argue that the new bankruptcy law allows such discrimination if there is a majority agreement by the creditors, as has happened in this case, but the banks are willing to defend their interests “and those of the State”. .
If the entities did not recover a single cent of the money lent with the support of the ICO, as the new majority shareholders of Naviera Armas claim, they could execute the public guarantee and the State would end up assuming 70% of the credit.
In any case, the sources consulted trust that the banks will continue negotiating with the funds before the meeting is held and reach an agreement so as not to have to block the company’s rescue plan in court and complicate its future.
They also warn of the difficulties that, acting unilaterally, the new majority shareholders of Naviera Armas could have in finding financing from any bank. EFE