Plus Ultra Líneas Aéreas: The Small Airline at the Center of Spain's Public Bailout Case

The 2021 Public Bailout

In March 2021, the Spanish government approved a public loan of 53 million euros for Plus Ultra through the SEPI fund, set up to support strategic companies hit by the pandemic, making it the second Spanish airline, after Air Europa, to receive this kind of aid. The decision sparked immediate controversy because of the airline's small size relative to the amount of aid granted.

The Investigations and the Alleged Irregularities

Judicial investigations at the Audiencia Nacional and several parliamentary hearings in the Senate have brought to light alleged irregularities in the process of granting the aid: according to the investigations, effective control of the airline was allegedly exercised by a Venezuelan shareholder, while the company had been presented to SEPI and to the State Aviation Safety Agency as majority Spanish- or European-owned. It also emerged that Plus Ultra had been posting consecutive losses since 2017, well before the start of the pandemic that justified the aid.

The Consequences

The airline's chairman and chief executive resigned while remaining under investigation, and Spain's Court of Audit announced an inquiry following a complaint from the Ciudadanos party. The affair has also involved high-profile political figures, with former prime minister José Luis Rodríguez Zapatero named by several witnesses as one of the people who allegedly favored the operation.

The Fleet and Routes

Operationally, Plus Ultra flies a long-haul fleet of Airbus A340 aircraft, relatively old by current industry standards, used mainly on the Madrid-Caracas route and on other Latin American destinations with lower demand than those served by major carriers such as Iberia or Air Europa.

Plus Ultra can be a direct option for anyone who specifically needs to reach Venezuela from Madrid, a link that other major European carriers do not always offer nonstop. It is not a suitable choice for those who prioritize a modern fleet or a broad network of alternatives in case of cancellation, given the airline's small size.

Before booking, always check the up-to-date operating status of the specific route: over the years, the company's corporate troubles and the ongoing investigations have at times affected the continuity of some of its connections.