The airline Plus Ultra has timidly appeared in the media following the indictment of the former Prime Minister, José Luis Rodríguez Zapatero, last Tuesday in the case named after the airline company. The bailout of Plus Ultra with 53 million of public money and the alleged mediation of the former leader, in March 2021, provide the context for the judicial case opened in the National Court. “The company has been informed of the lifting of the secrecy of the summary through the order issued by the investigating court number 4 of the National Court and is analyzing its content with the utmost rigor,” Plus Ultra stated in a brief statement. The three paragraphs maintain a neutral tone.
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The company has reiterated its full willingness “to collaborate in clarifying the facts, conveying a message of respect towards the judicial process and avoiding partial or decontextualized interpretations about a procedure that requires great precision and responsibility in handling the information.”
The investigation continues independently of the company’s operations, Plus Ultra emphasized, stating that it is maintaining its activity normally. All routes are being carried out “according to schedule” and the established business plan and commitments made to clients, passengers, and staff continue to be executed, the company chaired by Julio Martínez Sola tried to reassure.
The bailout provided by the State Industrial Holdings Company (SEPI) served to keep Plus Ultra afloat in the face of the severe impact the pandemic had on air transport. The company, focused on connecting Madrid with Latin America, like the other 27 supported with public money from the Strategic Companies Solvency Support Fund (FASEE), had to present a viability plan guaranteeing the repayment of the two loans it accessed: an ordinary one of 19 million and a participative one of 34 million. The first is already in default and the second has March 2028 as the amortization date. Plus Ultra has so far complied with the payment of 12 million euros in interest on this financing, which SEPI made available to companies in difficulty as a last resort. At that time, bank credit was closed.
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Beyond financial compliance, the viability plan is indeed in question due to the blows the entire air sector is receiving in 2026. Plus Ultra suffers from the increase in kerosene prices by more than 115% since the United States’ attack on Iran last February 28; it had its connections with Caracas (Venezuela) closed due to the intervention on January 3, also by the United States, in Venezuela, and any direct connection with Cuba has become impossible due to the lack of fuel on the island. Faced with these difficulties, SEPI has agreed to renegotiate the company’s viability plan and extend debt maturities.
With seven passenger planes and two cargo planes, Plus Ultra flies between Madrid and the cities of Lima (Peru), Caracas (Venezuela), Bogotá and Cartagena de Indias (Colombia). It also connects with Malabo (Equatorial Guinea). The income statement closed in 2025 with a profit of 2.5 million euros, up from a 10 million euro loss in 2024. Its teams are made up of more than 700 employees, up from the 345 on payroll when it was rescued by the Government.
The SEPI’s FASEE distributed 2,681 euros until early 2022 among 28 companies, of which 890 million went to airlines: Air Europa, Volotea, Air Nostrum, Wamos, Evelop Airlines (beneficiary of the aid to Avoris), and Plus Ultra itself. So far, the companies have repaid 65%, 1,745 million, and have paid 334 million in interest on what was emergency financing.
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