TAP announces Menzies Aviation will take over Groundforce
Menzies Aviation is an aviation services company providing ground handling, founded in Edinburgh, Scotland. The agreement sets out the general terms and conditions of Groundforce's turnaround plan.
TAP and Menzies Aviation have signed an agreement for the “recovery and revitalisation of Groundforce”, which was declared insolvent in August 2021.
In a statement released on Tuesday evening, the airline said that the subscription agreement concluded between the three companies (TAP, Menzies Aviation and Groundforce) “is the culmination of a long and very demanding process to select an investor capable and committed to the recovery of the” airport assistance company.
According to the statement, Menzies Aviation has “always shown interest in this objective throughout the various stages of the process”.
Menzies Aviation is an aviation services company providing ground handling, founded in Edinburgh, Scotland. The agreement sets out the general terms and conditions of Groundforce’s turnaround plan.
“After obtaining the necessary authorisations and consents, the recovery plan should be submitted by the Insolvency Administrators for consideration, discussion and approval by Groundforce’s Assembly of Creditors,” the statement read.
TAP also said in the statement that “this is a decisive step towards the recovery of Groundforce, strengthening the confidence of all its stakeholders in the future of this company, and is also a significant milestone in strengthening its handling capacity, with an impact on the entire national economy”.
Stressing that this measure is in line with its restructuring plan, the company states that “the success of this process is crucial for the stability and improvement of its operational performance since the proper functioning of Groundforce is fundamental to TAP’s activity and the satisfaction of its customers”.
On 22 September 2021, Groundforce’s creditors, at a meeting of creditors at the Monsanto court in Lisbon, approved the recovery of the company, as suggested by the insolvency administrators, a union source told Lusa at the time.
Most of the creditors represented at the assembly have labour credits, in other words, they are workers. The largest creditors of the handling group (ground handling at airports) are also represented.
The list of Groundforce creditors, compiled during the company’s insolvency process, has 2,791 entities, totalling more than €154 million, with TAP having recognised credits of almost €19.7 million.
