The Board of Directors of Corporación Empresarial Pública de Aragón, SLU (Aragon Public Business Corporation) this week approved a new financial plan involving the logistics platforms at Zaragoza (Plaza), Huesca (Plhus) and Teruel (Platea) and Expo Zaragoza Empresarial through participatory loans.
This approval was preceded by others confirmed successively in recent days within the respective Boards of Directors of these companies, and terminates the process initiated in September 2015 by the Government of Aragon and Corporation to cancel the debts and disencumber the companies. By virtue of this operation, the four companies involved cancelled their debts with the financial entities and became debtors of the Corporation which, in turn, has the funds to ensure the viability of the operation by virtue of the latest capital increases made by the Aragon Government.
The total amount of the operation is €218,250,000, contributed by the Aragon Government to the Corporation, which in turn will transfer it to the four companies through the participatory loan formula for the following amounts: Plaza €66,266,640; Expo Zaragoza Empresarial €108,157,111; Plhus €33,950,000; Platea €9,874,191. The formula used in this financial restructuring has important benefits, such as the reduction of financial costs borne by the companies involved which reduces interest payments by at least 4%, on average. In addition, following this restructuring, Plaza, Platea, Plhus and Expo Zaragoza Empresarial will increase their grace period and repayment terms until 2026/2027, which is 7 years longer than agreed with the original financial entities with which they were directly indebted. In addition, this debt restructuring allows the Government of Aragon to avoid maintaining more burdensome conditions for the financing of these public companies, whose indebtedness forced financial commitments and ample guarantees from the Executive.
This action could free resources for the implementation of other strategic measures. In addition, the debt contracted by the four companies with the Corporation does NOT count as debt with the Autonomous Community. The formula of the participative loans is also considered the most adequate to guarantee the total return of the debt by the companies linked to the logistics sector, as it is adapted more faithfully to their business plans.
