TAP enters 2022 with 100% public share capital. This is a new increase in the capital of the air carrier with the introduction of 536 million euros and the transformation into capital of 1.2 billion euros. The change came six years after the airline was re-privatized, following the transfer of 61% of the capital to Atlantic Gateway.
This amount is added to the $ 462 million the state has put in place in May to offset the airline’s losses caused by the pandemic. In total, the company received 998 million, expected in 2021. But there are more of them in a year. According to TAP’s restructuring plan, which provides for an injection of $ 3,200 million, the company will receive another 990 million in 2022. However, part of this money will be transferred to the carrier in the form of a government-guaranteed loan in the amount of 360 million with a maturity of one year. At the end of the term, the state invests this amount in TAP, which reimburses investors.
However, from 2023 the company will no longer have taxpayer money, but the plan calls for entering the market for financing with a minimum cost of 250 million euros and a maximum of 512 million.
Means, headaches are about to begin. How is Sergio Palma Brito, author of the book TAP que futuro? How did we get here? “State aid, sanctioned by the Commission, guarantees the airline a path to long-term viability. This viability is ensured by a TCH with a qualified state shareholder, independent and responsible management and motivated workers. None of these requirements are adequately guaranteed. “
In fact, in exchange for a green light from Brussels, the airline would nevertheless have to give up 18 slots at Lisbon airport. A claim from low-cost airlines such as Ryanair and easyJet. However, he is exempted from further layoffs, lower wages, or return of aircraft.
