The Portuguese Government held last night an extraordinary Council of Ministers to close a restructuring plan for the airline TAP, whose largest shareholder is the Portuguese State, which provides an economic injection until 2024 of about 1,600 million euros.
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This plan, which will be presented tomorrow to the European Commission, will be shared today by the Government with the various political parties in the parliamentary arch, reported EFE.
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TAP has suffered severely the economic consequences of the pandemic with a reduction of 9 million passengers from January to September 2020, representing a fall of 70%.
According to some Portuguese newspapers today, there could be a reduction in the workforce of around 3,000 people, including pilots, crew, ground workers and temporary contracts that are not renewed, in addition to a 25% reduction in wages for employees.
The restructuring plan, which has not yet been made public, could reduce TAP’s fleet, currently with 101 aircraft, by 13 or 16.
In addition to the Portuguese State, the group’s shareholders are the Portuguese entrepreneur Humberto Pedrosa (22.5%) and the company’s employees (5%).
TAP recorded losses of 582 million Euros in the first half of the year, five times more than a year before.
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