Plus Ultra hasn't repaid a single euro of its loan and now wants to renegotiate
Plus Ultra hasn't repaid the 53 million from its bailout and is asking to renegotiate. We discuss in the forum the hole in Spain's public aid and the suspicion of asset stripping.
English · Original discussion in Spanish · Published
Plus Ultra still hasn't repaid a single euro of its bailout
The airline Plus Ultra has achieved what seemed impossible: after receiving 53 million euros of public money, it hasn't repaid a single cent of the principal and is already negotiating a new payment schedule. While the taxpayer bears the risk, the company operates with an opacity that has set off every alarm in the forum about where those funds have really gone.
The black hole of public aid
The debate in the Economics subforum was immediate. The prevailing view among users is one of systematic asset stripping. Many posters point out that Plus Ultra never operated under real profitability criteria, but rather as a structure designed for other purposes, pointing directly at political complicity and a network of interests that goes far beyond commercial aviation. The skepticism is total: nobody expects the investment to be recovered, and the renegotiation is seen simply as a kick down the road to avoid immediate bankruptcy proceedings.
Bailout or transfer of wealth?
The discussion has led to an inevitable comparison with the bank bailouts of the past decade. While some users try to qualify the scope of those aid packages, the bulk of the community agrees that the Plus Ultra case is just the tip of the iceberg. Other examples are cited of companies rescued by the ICO (Spain's official credit institute) that are ending up in bankruptcy, confirming the antiestéticar that we are facing a scheme where public money dissolves without return, leaving the citizen as the only one paying for the party.
The question that remains is how much longer the Spanish state can gloss over this default before accounting reality prevails. Are we looking at a technical insolvency or a business model based exclusively on perpetual subsidy?
Related debates in the forum
The airline Plus Ultra has achieved what seemed impossible: after receiving 53 million euros of public money, it hasn't repaid a single cent of the principal and is already negotiating a new payment schedule. While the taxpayer bears the risk, the company operates with an opacity that has set off every alarm in the forum about where those funds have really gone.
The black hole of public aid
The debate in the Economics subforum was immediate. The prevailing view among users is one of systematic asset stripping. Many posters point out that Plus Ultra never operated under real profitability criteria, but rather as a structure designed for other purposes, pointing directly at political complicity and a network of interests that goes far beyond commercial aviation. The skepticism is total: nobody expects the investment to be recovered, and the renegotiation is seen simply as a kick down the road to avoid immediate bankruptcy proceedings.
Bailout or transfer of wealth?
The discussion has led to an inevitable comparison with the bank bailouts of the past decade. While some users try to qualify the scope of those aid packages, the bulk of the community agrees that the Plus Ultra case is just the tip of the iceberg. Other examples are cited of companies rescued by the ICO (Spain's official credit institute) that are ending up in bankruptcy, confirming the antiestéticar that we are facing a scheme where public money dissolves without return, leaving the citizen as the only one paying for the party.
The question that remains is how much longer the Spanish state can gloss over this default before accounting reality prevails. Are we looking at a technical insolvency or a business model based exclusively on perpetual subsidy?
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (11 replies).
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