By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Travel Radar - Aviation NewsTravel Radar - Aviation News
  • Breaking News
  • Aviation
    • Aircraft
    • Airlines
    • Airshow & Events
    • Careers
    • Manufacturing
  • Travel
    • Airports
    • Points & Loyalty
    • Technology
    • Trip Reviews
  • Newsletters
Reading: TAP Seeks Authorisation To Receive A New €463 Million Cash Injection
Share
Sign In
Notification Show More
Font ResizerAa
Font ResizerAa
Travel Radar - Aviation NewsTravel Radar - Aviation News
  • Breaking News
  • Aviation
    • Aircraft
    • Airlines
    • Airshow & Events
    • Careers
    • Manufacturing
  • Travel
    • Airports
    • Points & Loyalty
    • Technology
    • Trip Reviews
  • Newsletters
Signin Sign In
Follow US
Copyright © Travel Radar Media Ltd. 2025 | All Rights Reserved
Travel Radar - Aviation News > News > TAP Seeks Authorisation To Receive A New €463 Million Cash Injection

TAP Seeks Authorisation To Receive A New €463 Million Cash Injection

Vanni Gibertini
Last updated: 13 March 2021 21:46
By Vanni Gibertini
2 Min Read
Share
A TAP A330 taking off at Heathrow Int. Airport
SHARE

Portuguese flag carrier TAP is going to receive an interim cash injection for €463 million (£397 million) by the Portuguese Government pending approval from the European Commission.

A €1.2 billion government loan to finance a restructuring plan

Just like all airlines around the world, TAP has been heavily hit by the collapse in demand caused by the COVID-19 pandemic and it has prompted a restructuring plan that will see a reduction if staff levels by at least 2,000 units and the dismissal of at least a dozen aircraft.  The remaining 8,000 staff would take a 25% pay reduction to save another 600 to 1,000 jobs.

A TAP Air Portugal A321-200 aircraft taking off
TAP Air Portugal A321-200 (©TAP Air Portugal via IG @lppt_spotter)

On 10 December 2020 the European Commission approved a €1.2 billion government loan consisting in €946 million as an interest-bearing loan with an option to provide another €254 million. The approval for the European Commission was conditional to the submission of a restructuring plan that is still not approved; therefore, the airline has requested a new interim financial aid to continue operating until the new plan can become operational, since it is not expected to have an answer from Brussels until the end of April.

“The Portuguese Government has submitted to the European Commission a notification for the granting of interim aid to TAP, SA, which will allow the airline to guarantee liquidity until the approval of the Restructuring Plan”, according to the statement released this Friday, March 12 and reported by the Portuguese media O Jornal Econòmico.

“Although TAP is in assistance under the Emergency and Restructuring aid – continues the statement – within the scope of the negotiation of the Restructuring Plan between Portugal and the European Commission, it was accepted that aid of a maximum amount of EUR 463 million could be notified”.

This loan will reduce the cash requirements outlined in the restructuring plan amounting to €770 million.

 

 

You Might Also Like

RAF Chinook Helicopter Makes Emergency Landing
Etihad Airways to return to London Heathrow’s Terminal 4
Jazz CRJ-200 Engine Shut Down In-Flight
Controversy Surrounds ACMI Aircraft Decision in Thailand
Which role will ITA play in the coming summer season?
Share This Article
Facebook Twitter Email Copy Link
What’s your thoughts?
Love0
Sad0
Happy0
Angry0
Vanni Gibertini
ByVanni Gibertini
Assistant Editor - Vanni fell in love with commercial aviation during his undergraduate studies in Statistics at the University of Bologna, when he prepared his thesis on the effects of deregulation on the U.S. and European aviation markets. Then he pursued his passion further by obtaining a Master’s Degree in Air Transport Management at Cranfield University in the U.K. followed by holding several management positions at various start-up carriers in Europe (Jet2, SkyEurope, Silverjet). After moving to Canada, he was Business Development Manager for IATA for nine years before turning to his other passion: sports writing.
Previous Article De-Icing Munich Airport Launches Electric “Elephant” to De-Ice Aircraft
Next Article Aircraft Parking Techniques Explained
Subscribe
Login
Notify of
guest

guest

0 Comments
Oldest
Newest Upvoted
Inline Feedbacks
View all comments

Stay Connected

FacebookLike
TwitterFollow
InstagramFollow
YoutubeSubscribe

Trending News

American Airlines new class service
American Airlines Announces Changes in Carry-on Baggage Policies
Airlines Aviation Travel
Qatar aiways flight in air
Qatar Faces Lawsuit After Vegetarian Passenger told to ‘Eat Around’ Meat-based Meal Chokes to Death
Airlines Incidents & Accidents
Breeze Airways Airbus A220-300 climbing after takeoff under clear skies, showcasing the carrier’s focus on Airbus A220 efficiency and fleet expansion within Breeze Airways A220 fleet growth to reach underserved U.S. routes.
Breeze Airways Expands Airbus A220 Fleet to 400 Aircraft
Aircraft Airlines Aviation
Anime film poster for Bandai Namco's upcoming Love Live! Nijigasaki High School Idol Club
JAL collabs with Anime giant to promote regional tourism
Airlines Aviation Travel
Sri Lankan Airlines
A Journey By Sri Lankan Airlines
Airlines Trip Reviews
//

Travel Radar is the leading digital hub for all things aviation and air-travel. Discover our latest aviation news, aviation data, insight and analysis.

Discover

  • Latest News
  • Subscribe
  • Weekly Digest
  • Contact Us
  • Privacy Policy
  • About Us
  • Advertising
  • Media Coverage
  • Press & Events
  • Join Our Team
  • Our Brands

Signup to our Newsletter!

And get the latest aviation news via our weekly news digest!

© Travel Radar Media Ltd. 2015-2025 | ISSN #2635-0696 | Trademark #UK00003579704
wpDiscuz
adbanner
Welcome to the TR Community!

Sign in to your account

Not a member? Sign Up