Sonaca has been seriously affected by both the Boeing 737 MAX debacle and the Covid-19 crisis, but it will benefit from a capital increase of 50 million euros and bank loans for around the same amount, as reported by financial newspaper L’Echo on Saturday.
In view of the current situation, “we will have less work for at least two or three years. We have therefore persuaded our shareholders to support the company with a capital increase. We cannot, therefore, speak of state aid here“, says Bernard Delvaux, the CEO of the aeronautical equipment supplier.
Sonaca is more than 90% owned the Regional Investment Company of Wallonia SRIW and for the balance by the Federal Holding and Investment Company SFPI. SRIW and SFPI will carry out a capital increase of 50 million euros, split 50-50 between the two shareholders. Furthermore, negotiations are continuing with banks that should lead to a loan of around 50 million, according to the CEO. Finally, a subordinated loan of 25 million euros granted by SRIW and SFPI will be converted into capital to strengthen equity.