The new Sodena loan, worth 4 million, approved by Parliament, will avoid the bus bodybuilder Sunsundegui enter into “bankruptcy”. The Minister of Economic Development, Mikel Irujo, said this in defense of the provincial law that provides legal coverage for the extension of credit when it is in force.
As he said, “the approval of a regional bill to expand Sodena’s commitment to Sunsundegui is a bold and necessary step. This loan, three million of which will be provided immediately, has the main objective of mitigating the delicate financial situation of Sunsundegui, which worsened since last October. We have also observed that from 2024 a greater annual financial expense of €1M must be added for the financing of working capital. Added to the budget availability in Sodena this year 2023, it is necessary to carry 4 million authorization. The company informed us in early November that it was facing challenges in production, which have affected its results and cash generation, and formalized the request for a participating loan from Sodena on November 13. Since then we have taken, as quickly as possible, the necessary steps to be able to formalize this operation before the end of the year.”
As he clarified, “Sodena granted a participatory loan for €3.4M on Jan-21 (capitalizable in the event of a liquidation event), which maintains said balance as of the current date (maturity on Dec-31-28). In turn, COFIDES has provided a participatory loan of €4.5M and another ordinary loan of €4.4M in 2022. And ICO-COVID bank financing of €8M has been received in 2020-21. Currently, production challenges, logistical problems and lower profitability have created a situation that requires immediate measures. The situation in the Middle East is another obstacle that has arisen this year, which Sunsundegui faces.”
Laura Aznal (EH Bildu) has demanded, in turn, “control mechanisms” for the management of funds and ventured that there will be “changes in the Board of Directors, with Sodena and workers.” “Internal management problems have been detected in the company. We will be attentive to the management of these funds, what destination, and how the company will be managed.”
Ana Elizalde (UPN) has reproached the Government for “bringing us a solution. They have known the problem for months. What they don’t tell us is that the limitation that Sodena has in granting loans comes from a modification promoted by Geroa Bai in 2014. At that time he intended to control Sodena’s loans and guarantees from Parliament. His intention was to limit the actions of the Government, as UPN governed. Now they pay the consequences. You remember Mr. Ayerdi who did the same so that any public official who was investigated had to resign. The only charge investigated for corruption, Mr. Ayerdi. In Geroa Bai they are specialists in complicating life. They have not presented a draft budget. An issue that in Pamplona is the reason for a motion of censure; and in Navarra, a symptom of progressivism. If they had presented that budget project, this law would not have been necessary. At UPN we have always been and have been sensitive to the difficulties of companies. In recent years we presented twenty fiscal measures. “Is that sectarianism, apathy?”
He has also commented that “the Government has created this problem. One of the problems of this Government is that it turns what are management issues into political problems. Present the budget law.”
2023-12-21 18:25:26
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