Release of two new ICO guarantee facility tranches amounting to €2,550 million for companies in the process of fulfilling an arrangement with creditors
The decision of November 25, 2020, by the Secretary of State for the Economy and Business Support, published the decision by the council of ministers setting out the terms and conditions for the new tranches of the guarantee facilities approved by Royal Decree-Law 25/2020, of July 3, 2020. The new tranches are to be used for funding to businesses under an arrangement and any which, while not under an arrangement, were in the process of reviewing their promissory note program on MARF (Spanish Alternative Bond Market) on April 23, 2020.
This guarantee facility will be available until June 1, 2021 and interested parties must substantiate, in the form of a report by the court or insolvency receiver, that they had no outstanding obligations under the arrangement with creditors (i) as of December 31, 2019; or (ii) on the loan application date (if the arrangement phase started in 2020).
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