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Globalia follow in the wake of Iberia. The company owned by the Hidalgo family has announced to the unions the intention of launching a Temporary Employment Regulation File (ERTE) for economic reasons that will affect, initially, only to its air division which includes Air Europa and Groundforce (its handling company) and its hotels, as confirmed by sources close to the company to Invertia. So the agency division with Halcón Viajes at the head is saved.
The Globalia’s decision, which affects 9,000 employees, was moved last night to the unions after the Government announced an extension of the ERTE of force majeure until January 31, but with conditions. Hence, given the possible drop in air demand, the group has decided to go ahead with this new ERTE ETOP, according to ‘El Confidencial’.
However, the measure only affects the aerial part of the group and, according to what this medium has learned, it is carried out as a “precaution”. Apparently, the management will only apply these two ERTEs if there is no extension for the air sector. In other words, the same will happen in the announced process for 5,000 Iberia employees.
Trouble for Air Europa
Air Europa’s situation is only getting worse. Despite to receive a ransom from SEPI of 475 million euros, The company does not rule out requesting a second state aid, jeopardizing its purchase by Iberia.
Thus, “it foresees, depending on the liquidity needs”, to receive “an additional amount with which to solve its future liquidity needs that will require the corresponding request for modification of the aid subject to the applicable regulations”, according to the accounts of 2020 already published by this means.
In addition, KPMG doubts the viability of the company due to the “high degree of exposure of the sector” in which the company operates for the purposes of the pandemic.
Due to this and its cash flow problems, this situation “indicates the existence of a material uncertainty that may generate significant doubts about the Company’s ability to continue as a going concern,” the auditor notes.
For its part, the handling company (Groundforce) closed last year with losses of 21.67 million euros compared to profits of 2.6 million in 2019. This is the first time in its history that it has incurred losses, although the worst thing is that there is “uncertainty” about the company’s ability to continue operating, as can be seen from the 2020 accounts recently deposited in the Mercantile Registry.
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Reference-www.elespanol.com