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Wednesday, September 28, 2022
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RyC advises SEPI on the €34.5m state aid granted to Ferroatlántica

Ramón y Cajal Abogados has counselled Sociedad Estatal de Participaciones Industriales (SEPI) on the granting of a state aid of €34.5 million to Ferroatlántica, 54 % owned by the Villar Mir group

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The Sociedad Estatal de Participaciones Industriales (SEPI) has approved the granting of an state aid of €34.5 million to Ferroatlántica, 54 % owned by the Villar Mir group, which will be channelled through the granting of a participative loan for €17.6 million and an ordinary loan for €16.9 million.

Villar Mir, also a shareholder of OHLA and owner of several energy and real estate businesses, requested in April last year this aid for the Spanish activities of the silicon metal and ferroalloy producer Ferroglobe, within the framework of the funds approved by the Government to help strategic companies affected by the pandemic.

In a statement, SEPI explains that it has been granted after carrying out “an exhaustive and rigorous process of analysis” of the economic and legal situation of the company, the impact suffered by COVID, the viability plan presented by the Ferroatlántica group, as well as the prospects of evolution and the guarantees provided to ensure the repayment of the temporary public financial support it is going to receive.

Ferroatlántica’s activity is developed in the metallurgical sector, being one of the world’s largest producers of silicon metal and ferroalloys based on silicon and manganese, serving customers all over the world in markets such as solar, automotive, consumer products, technology, construction, and energy.

Ramón y Cajal Abogados´ team was led by partners Javier Menchén Calvo, Alfonso Cárcamo and Cristina Vidal, and included lawyers Marta Cerqueira Sánchez, David Díaz Villar, María Heredero Vidal, Francisco Javier Mingorance Maroto and Lucía Sánchez Boluda.

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