The deadline for the reimbursement of the loan, that was granted to TAP under the Financing Agreement, ends on 31 December 2021 and not on September 1 2021 as initially foreseen.
TAP has gained a few more months to reimburse the €1.2 billion loan granted by the Portuguese state. Instead of the initially agreed date of September 1, the airline saw the deadline extended until the end of the year.
According to a statement sent to CMVM, the reimbursement of the loan, granted under the financing agreement signed on July 17 2020, amounting to €1.2 billion, “has been extended”.
“The deadline for the reimbursement of the loan that was granted to TAP under the Financing Agreement expires on 31 December 2021 (and not on 1 September 2021 as initially set forth under the Financing Agreement) in case of non-adoption of a final decision by the European Commission on the restructuring aid until that date,” it says.
“In case a final favourable decision on the restructuring aid is adopted by the European Commission until 31 December 2021, the reimbursement date of the said loan remains the one that shall be contemplated in the restructuring plan of TAP Group approved by the European Commission,” the company said.