Hidalgo Defends Air Europa’s Actions Amid Controversy
Background on State Loan
In recent discussions surrounding Air Europa, Juan José Hidalgo, president of Globalia, shed light on the state loan obtained during the pandemic. His son Javier, then CEO of the group, was proactive in seeking solutions to save the airline. “My son would talk to a thousand people, as many as were necessary to save the company,” Hidalgo stated, emphasizing his son’s commitment.
Early Return of the Loan
The 475 million euro loan that Air Europa received from Sepi in November 2020 has made headlines once again, especially after its early repayment last month. This repayment follows a turbulent five years marked by significant challenges, including allegations of favoritism and connections to political figures such as Begoña Gómez, wife of Prime Minister Pedro Sánchez.
Clarifying Misconceptions
Hidalgo addressed the narrative surrounding the loan, asserting that it was not a “rescue” but rather a loan secured by his personal assets. He stressed that Air Europa was the first airline to receive funds from the Fund to Support the Solvency of Strategic Companies (FASEE) due to his guarantee. This swift action contrasts with other companies that faced delayed loans because they lacked such backing.
The Role of Sepi
The involvement of Sepi has been crucial in Air Europa’s journey. Hidalgo noted that the company had to operate with Sepi’s oversight, which had two advisors on the airline’s board from the grant of aid until its reimbursement. This partnership, he argues, has validated their strategy, which he describes as a fully realized viability plan.
Financial Recovery and Strategy
Hidalgo credited the successful turnaround of Air Europa to effective management by his son and partnerships with major airlines like Turkish Airlines and IAG. These collaborations have injected significant capital into the airline, contributing to its recovery and allowing it to eliminate debt. The sale of three hotels also aided in stabilizing Globalia and Air Europa’s finances.
Reassuring the Public
In reaffirming his commitment to transparency, Hidalgo insisted that neither Globalia nor Air Europa received any taxpayer money. The financial support was essential, not due to poor management, but as a consequence of the pandemic restrictions imposed by governments. He highlighted the staggering 1.4 billion euros lost during this period but expressed confidence in overcoming those challenges without external aid.
Conclusion: Turning Adversity into Opportunity
Despite the controversies, Hidalgo believes that the negative attention surrounding the loans has inadvertently benefited Air Europa. “They have spoken so much and so badly that I think it has been good for us,” he remarked, pointing to the airline’s robust performance in recent times. This resilience reflects not just a turnaround but a reaffirmation of the airline’s capacity to navigate through hurdles, ensuring its place in the competitive aviation market.