Portugal's TAP Grounds 2,500 More Flights Through May Due to Coronavirus

TAP on Monday suspended 2,500 flights scheduled for March-May, after cancelling 1,000 flights for this month and next on Thursday, citing a fall in demand for travel due to the coronavirus outbreak. The 3,500 groundings account for 7% of TAP's scheduled flights this month, 11% in April and 19% in May. TAP said Thursday it expected its revenues to be impacted by the coronavirus crisis and it was suspending non-critical investment and evaluating cost cuts. It said on Monday it would contact all affected passengers to "find the best options and alternatives", adding it was waiving ticket alteration fees for flights booked between March 8 and 31. Asked to comment about potential cash difficulties due to the virus epidemic, TAP said it was "successfully implementing its post-privatization transformation plan" and had a "solid shareholder base". TAP was partially privatized in 2015. The state still holds a 50% stake. TAP also said it ended last year with its best cash position ever, despite posting a net loss of E106m, and had also reduced operating costs and slashed this year's debt repayments by 70% after recent renegotiation and extension of debt maturities.<br/>