TAP: “The agreement made with the banking is beneficial for both”

  • ECO News
  • 21 March 2017

Humberto Pedrosa, TAP's shareholder, confirms debt renegotiation with the banking has been concluded. The closing of the operation means a new administration will enter office.

Reinforcing the position of the Portuguese State in TAP’s capital to 50% is closer to happening. The company has concluded the renegotiation process of the almost 700 million euros in debt with the Portuguese banking: “The debt renegotiation process with the banks has been concluded, in an agreement that is beneficial for both“, states Humberto Pedrosa, TAP’s shareholder.

“The deadline was postponed to the date we wanted [November 2022] and we were able to have a reduced interest rate“, is also stated by the chairman of the Barraqueiro group and shareholder in the Atlantic Gateway consortium concerning the negotiations with the banking.

"The closing of the operation is near. During the next couple of weeks, in the council of ministers, the resolution allowing the government to go ahead with the initial Public Offering (iPO) among workers might be approved and, afterwards, the State will enter. ”

Humberto Pedrosa

TAP's shareholder

With the closing of the operation, it is now possible to have a new Board of Directors. Humberto Pedrosa says the “new SGPS Board will have 12 members, six from the Portuguese State and six from the Atlantic Gateway consortium“. Pedrosa confirms he will be one of the administrators, while bringing forward that the Chinese from HNA will appoint one administrator, and three administrators from TAP S.A. will also be a part of SPGS’s Board.