TAP, Portugália in ‘difficult economic situation’ until 2022

  • ECO News
  • 29 December 2021

TAP, Portugália and Cateringpor will be considered companies in "difficult economic situation" until January 31 2022.

TAP, Portugália and Cateringpor will continue to be considered companies in a “difficult economic situation” for another year. According to the resolution published this Wednesday in the Official Gazette, the government approved, in a Cabinet meeting, the extension of this condition until December 31 2022 for the three companies.

“The declaration of these companies as being in a difficult economic situation, until the end of the year 2022, is considered instrumental to TAP’s future, contributing to its survival and sustainability,” the document states, citing the Council of Ministers Resolution of January 14, which declared (for the first time) the airline – as well as Portugália and Cateringpor – a company in difficult economic situation.”

“In addition, TAP’s status as a company in difficult economic situation will enable it to maintain jobs, which in other circumstances could no longer be supported, in a context where competitors are implementing aggressive restructuring and cost reduction programmes, preparing for a period of increased competitive intensity,” it reads.