Portugal’s government wants more say after bailing out TAP airline

Portugal’s Infrastructure Minister Pedro Nuno Santos said on Wednesday (29 April) that any injection of state funds in the Portuguese flag carrier TAP “will imply” that the government will have more say in the company’s major decisions in the near future. 

Currently, while the state has 50% of the company’s shares, it does not have control over its day-to-day management.

However, Santos said that TAP was not being well managed before the airline took a financial hit because of COVID-19 and did not exclude nationalisation. 

TAP sought state guarantees for two possible financing operations with Haitong and ICBC Spain, for a total of €350 million in loans.

On Tuesday (28 April), the airline decided to extend temporary workforce lay-offs for another 30 days until 31 May. since its operations are almost entirely suspended. 

(Alexandra Luísa and Maria João Pereira, Lusa.pt)

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