The agreement the current Government made with Atlantic Gateway to hold 50% of the Portuguese airline foresees a 512 million euros' loan.
If TAP fails to comply with the financing contracts it made with banks, the Portuguese State will have to lend 269.7 million euros and Atlantic Gateway will have to lend 242.7 million euros. Overall, TAP could risk 512 million euros, which are, however, safeguarded in the new statutes and in the enterprise society contract, states Portuguese newspaper Jornal de Negócios this Wednesday.
The guarantees are called ‘additional liabilities’ and, for Portugal, they will be payed to TAP by Parpública, the holding which manages State equities and which currently holds 50% of the airway’s capital. Atlantic Gateway commits to paying slightly less, since it holds 45% of TAP’s capital.
“These ‘additional liabilities’ intend to serve as a guarantee to cover any hypothetical defaults in TAP’s financing contracts”, states the Ministry for Infrastructures and Planning, answering Jornal de Negócios.
The numbers are inscribed in TAP’s new society contract which was approved in 30 June’s General Assembly. The agreement between the State and privates foresees extending the maturities of the 120 million euros’ loan — which would mature this year — for another five years. In addition, the contract also states that if shareholders do not perform the additional liabilities, other shareholders must do so, “with no exemption from the obligation”.