TAP to receive another €536 million from state next week

  • ECO News
  • 22 December 2021

Once the restructuring plan has been approved by Brussels, the airline will receive the remainder of the €998 million capital injection planned for this year.

TAP will be capitalised again this year, in order to complete the €998 million planned for 2021. There is still €536 million to go, which will be paid next week, according to what ECO found out.

The airline has already received €462 million this year as compensation for losses caused by Covid-19. This money came in through a capital increase carried out in May. Brussels’ decision to approve TAP’s restructuring plan and the state aid, announced on Tuesday, paves the way for new capital injections. According to what ECO learnt from a source connected to the process, the €536 million missing this year will enter the company’s coffers as early as next week.

In addition to making the restructuring viable, the European Commission approved a second tranche of compensation for losses caused by Covid-19, totalling €107.1 million. Money that will already be part of the funds to be injected into the airline this year, through a new capital increase. The airline is still awaiting authorisation for a third tranche of pandemic compensation, relating to the impact suffered in the first half of 2021, which should arrive soon.