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22-11-2020, 12:02 AM
Courtesy of Janet Anscombe's site https://www.janetanscombe.com/
Updated 20 November: Spanish Transport Minister José Luis Ábalos has confirmed today that Armas-Trasmediterránea has requested a capital injection through the national programme for business support in the economic COVID crisis. Ábalos explained that Armas, the largest Spanish shipping company, has followed the steps already taken by Air Europa.
Original post 5 November: Naviera Armas has denied that it is on the point of bankruptcy. The company says it completely refutes media reports which have already caused damage to its image and financial status. In realty, there’s rarely this much smoke without some sort of fire but it does seem that reports that the company has gone or is going bust are somewhat exaggerated. Armas is a very large Spanish company for all it’s known as a local inter-island ferry service here in the Canaries.
The company has acknowledged that there are presently financial issues, with its liquidity under pressure because of reduced demand throughout this year. It has issued payment warnings, and is already taking action to refinance. Independent professional credit analysts, in fact, say that it does indeed look like an intentional push towards much-needed restructuring since Armas does actually have the means to pay the interest on bonds currently at issue.
Meanwhile the company has guaranteed its commercial suppliers that it will honour all its commitments, and has reassured passengers that it also guarantees to continue the provision of all services in the Canaries, and indeed elsewhere.
Updated 20 November: Spanish Transport Minister José Luis Ábalos has confirmed today that Armas-Trasmediterránea has requested a capital injection through the national programme for business support in the economic COVID crisis. Ábalos explained that Armas, the largest Spanish shipping company, has followed the steps already taken by Air Europa.
Original post 5 November: Naviera Armas has denied that it is on the point of bankruptcy. The company says it completely refutes media reports which have already caused damage to its image and financial status. In realty, there’s rarely this much smoke without some sort of fire but it does seem that reports that the company has gone or is going bust are somewhat exaggerated. Armas is a very large Spanish company for all it’s known as a local inter-island ferry service here in the Canaries.
The company has acknowledged that there are presently financial issues, with its liquidity under pressure because of reduced demand throughout this year. It has issued payment warnings, and is already taking action to refinance. Independent professional credit analysts, in fact, say that it does indeed look like an intentional push towards much-needed restructuring since Armas does actually have the means to pay the interest on bonds currently at issue.
Meanwhile the company has guaranteed its commercial suppliers that it will honour all its commitments, and has reassured passengers that it also guarantees to continue the provision of all services in the Canaries, and indeed elsewhere.