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Planes. Tap Air Portugal restructuring plan in November

Government will hand it over to Brussels

A fact that certainly will not please the low-cost airline Ryanair: the latter did not like the state aid granted to Tap Air Portugal (read also the article published by AVIONEWS), but Lisbon is ready to present a restructuring for the company no later than next November. The document will be delivered to the European Commission and, if approved, a more than massive rescue loan will be repaid. In fact, we are talking about 1.2 billion euros, a sum to which Brussels said yes last June, provided that there was precisely this restructuring by the end of 2020. Portugal has also included a State guarantee for a new loan (500 million euros) to be granted if necessary to Tap.

For Lusitanian airline, forecasts and projections have been revised in a more pessimistic way, as it is easy to imagine given that the health emergency from Covid-19 affects the whole world. In this nation, the number of infections has strongly returned to rise, reaching the worrying levels of May; nationalization of the carrier is not complete, despite the government's share having increased from 50 to 75%. Lufthansa was one of the companies interested in a possible partnership before the pandemic, while now such a path is totally excluded.

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AVIONEWS - World Aeronautical Press Agency