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Air Nostrum closes capital increase operation

Air Nostrum reports that it has brought to a close its adjustment plan and successfully concluded its capital increase operation, designed to return the carrier to profit in 2015.

This puts an end to the process initiated in November 2012 which has, since April, 2013, enjoyed the support of the Seabury Group, as management consultant, restructuring financial advisor and investment banker. The restructuring plan allows the airline to adapt to the current market conditions while searching for new investors to reinforce its financial resources.

In anticipation of the sector trend of introducing regional aircraft with more seating capacity, Air Nostrum is adopting a fleet rationalisation plan and overcapacity management procedure, reducing the number of 50-seater aircraft while, at the same time, increasing its average module from 72-seat aircraft in 2012 to its current 80-seat aircraft.

Simultaneously, the airline restructured its commercial network abandoning point-to-point and flight routes with losses, focusing on the operation of niche markets, Public Service Obligation (PSO) flight routes and national and international flight connections to and from Madrid with the intention of increasing connectivity with the Iberia Group network in the Adolfo Suarez Madrid-Barajas Airport.

Air Nostrum says it has reached a turning point. The arrival of new investors strengthens financial resources following the deterioration caused by six years of economic crisis.

The amount of the increase in capital means a financial boost for the company worth €25.8 million split into €7.5 million in capital, €8.3 million in debt with a 10-year payment plan and another €10 million in available debt.

According to the new shareholder structure, chief executive officer Carlos Bertomeu (pictured) takes over control of the company with 54.41% of the shares along with his partners, Antonio Pellicer and Jose Remohi, who have made an individual investment of 15% each with regard to their respective holding companies, and a group of company executives with a share of 6.25%.

The remaining company shares are divided between the Serratosa family, founders of the company, with a share of 7%, and the Banco Ceiss, with a share of 2.04%.

“We are prepared for a period of growth,” stated Bertomeu, who in a recent press conference declared in advance that the company will have smaller losses in 2013 compared with the previous year.

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