TAP’s restructuring plan is approved
TAP's restructuring plan is approved and will now be revealed to all parties with parliamentary seats. Thursday is the deadline to deliver the plan in Brussels.
The government approved TAP’s restructuring plan at an extraordinary meeting of the Council of Ministers this morning, which forces dismissals and pay cuts, as ECO reported previously.
TAP’s restructuring plan has been approved, RTP advanced this Wednesday, and will now be revealed to all parties with parliamentary seats. Thursday is the deadline to deliver the plan in Brussels, a demand of the European Commission, for a state loan of up to 1.2 billion euros, to overcome the company’s difficulties, resulting from the impact of the Covid-19 pandemic in the sector.
But in addition to these 1.2 billion euros, TAP will still need another 1.8 billion, according to information collected by ECO. The plan foresees the dismissal of 500 pilots and 750 land workers, as well as a 25% pay cut.
The Civil Aviation Pilots Union (SPAC) and the National Civil Aviation Flight Personnel Union (SNPVAC) have urged the government to negotiate with Brussels to postpone the presentation of TAP’s Restructuring Plan, denouncing that it is based on “completely outdated” market forecasts.
