Miguel Praga

✈ The Hidalgo family, major shareholders of Air Europa, are pursuing a capital increase to prevent bankruptcy following a failed partnership with Iberia. Air Europa faced a fund deficit of €499.9 million at the end of 2023, which management reduced to €259 million by counting €240 million of a €475 million government bailout as capital. The company has less than four months, until December 31, due to an extended accounting moratorium, to achieve positive equity and avoid dissolution. The Hidalgos' proposal to convert €235 million of state aid into a participatory loan, which would effectively nationalize part of the company, was rejected by SEPI to avoid scrutiny over judicially investigated ties with Begoña Gómez. To avert bankruptcy, the Hidalgos aim for a capital raise around €200 million. They must repay the state rescue funds by November 2026, challenging with total debt at €700 million.

💥 On July 24, in Kathmandu, Nepal, a Bombardier CRJ 900 plane crashed while attempting takeoff, resulting in the death of all 18 passengers, who were employees of the airline. A preliminary report by Nepal's air safety authority blamed the crash on the pilot entering incorrect data into the aircraft's computer, specifically erroneous speeds and weight, leading to loss of lift. The plane, with a weight of 18,500 kg, required different takeoff speeds to be inputted into the computer. The report also faulted the regulator for not adequately overseeing takeoff procedures. The flight permission was granted without proper checks and was incomplete.