{"id":120041,"date":"2021-12-21T20:30:00","date_gmt":"2021-12-21T20:30:00","guid":{"rendered":"https:\/?p=120041"},"modified":"2021-12-22T00:05:41","modified_gmt":"2021-12-22T00:05:41","slug":"eu-approves-restructuring-plan-tap-air","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2021\/12\/eu-approves-restructuring-plan-tap-air.html","title":{"rendered":"EU approves restructuring plan for TAP Air Portugal."},"content":{"rendered":"\n

The European Commission announced Tuesday that it approved the restructuring plan of the airline TAP Air Portugal<\/strong>, along with an aid of 2.55 billion euros ($2.87 billion) from the Portuguese state, its main shareholder.<\/p>\n\n\n\n

Brussels also gave its go-ahead to a 107.1 million euro ($120 million) compensation for losses caused by the covid-19 pandemic, AFP reported.<\/p>\n\n\n\n

\u2192 Alitalia offering its handling and maintenance units for sale.<\/a><\/strong><\/em><\/p>\n\n\n\n

This arrangement “will put the company on the road to long-term viability,” said European Competition Commissioner Margrethe Vestager, quoted in a statement.<\/p>\n\n\n\n

In exchange for the financial aid obtained, TAP undertook to free up slots at Lisbon airport, as demanded by its rivals, including low-cost carrier Ryanair.<\/p>\n\n\n\n

The Portuguese national carrier, whose financial problems worsened with the health crisis, received an emergency loan of 1.2 billion euros ($1.35 billion), which will now be converted into equity.<\/p>\n\n\n\n

\u2192 Play airline will fly to Boston and Washington D.C.<\/a><\/strong><\/em><\/p>\n\n\n\n

Last December, it submitted a restructuring plan that envisaged a reduction in headcount, salary cuts and fleet reductions.<\/p>\n\n\n\n

The Commission also specified on Tuesday that the company will have to divest its subsidiary Portugalia and divest its shares in several companies of the TAP group, including a maintenance subsidiary based in Brazil.<\/p>\n\n\n\n

Photo: Douchet Quentin\/Wikimedia<\/a><\/p>\n\n\n\n

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