First capital injection in TAP arrives next week

  • ECO News
  • 15 July 2020

This first tranche of the state injection will enable TAP to deal with the payment of wages to workers and commitments to suppliers.

After the negotiations for the conditions associated with the state loan failed, the government reached an agreement with the private shareholders that led to the departure of David Neeleman. This step made it possible to unblock the injection of 1.2 billion euros into the airline, highly penalized by the pandemic crisis, money that will be put into the company in tranches, with the first to arrive next week.

According to Jornal de Negócios, at the end of last week, all documentation for the purchase of Neeleman’s position at TAP was closed, opening the door for subscriptions to be formalized later this week. Then, you can start the injection.

The company is preparing to receive the first injection of 250 million euros next week. This first tranche will enable TAP to meet the payment of wages to employees and commitments to suppliers.