Saturday, July 24

The judge suspends the delivery to Plus Ultra of 34 million foreseen in the rescue plan

The Court of Instruction number 15 of Madrid, which is investigating the rescue of Plus Ultra Lineas Aereas with public aid of 53 million euros, has provisionally suspended the delivery to the company of the 34 million that were to be delivered on July 28, according to the agreement with the plan established by SEPI as manager of the Solvency Support Fund for strategic companies.

The Fund informed the Court last Thursday of the disbursement planned for next week, before which Judge Esperanza Collazos has issued a resolution in which it indicates that this action, agreed within a viability plan for the company Plus Ultra, “It must be justified given the existence of this procedure.”

“The parties must prove the need for delivery for said viability so that an unjustified delivery would entail a significant loss of assets without the possibility of restoring it to a previous situation,” he explains.

For the investigator, the existence of the investigation opened for an alleged crime of embezzlement of public funds “justifies the suspension of the delivery scheduled for July 28”.

The judge orders the Fund and the rest of the parties concerned to “refrain from carrying out any act that involves a violation of the prohibition imposed, warning them that non-compliance may give rise to new
precautionary measures, without prejudice to other criminal responsibilities “.

However, the investigator states that the 34 million euros may be delivered “if its relevance is proven, with the documentation and the rest of the proceedings that are agreed upon as they are deemed necessary to clarify the facts.”

The judge requires Plus Ultra so that, within a period of five days, it accredits the need to deliver the loan for the payment of creditors.

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