7 January 2021, Madrid: DC Advisory, an international investment bank, is delighted to announce that its Spanish team has been appointed by state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) as a specialist advisor on the deployment of the country’s rescue fund, Fondo de Apoyo a la Solvencia de Empresas Estratégicas.
DC Advisory will form part of a team of leading financial and legal advisors which will manage the rescue fund of €10,000m. The fund was created on 21 July 2020 to provide temporary public support for companies whose solvency and viability has been exclusively affected by the Covid-19 crisis. The fund complies with the EU State Aid regulations and is part of the European strategy of public economic support measures against the pandemic.
The contract is valued at a total of €42m and its validity will initially extend until 30 September 2021, without being able to extend the term more than four years.
As part of the advisory team, DC Advisory will review the fund's requests for financial support, and prepare a report that will include analysis of each applicant and its sector, reviewing the viability of each financial plan.
The government has already received many requests for temporary public support, including those from Air Europa for at least €400m, Celsa, which requires €200m, and Duro Felguera, requesting €100m.
Manuel Zulueta, CEO of DC Advisory Spain, said: “We are delighted to have been selected by the Spanish government to provide our mid-market corporate finance expertise and support during this very challenging time. We very much look forward to working with the SEPI in order to support Spanish companies by strengthening their financial position and ultimately, to making a difference to our local marketplace.”