Portugal's TAP asks for state-backed loan to survive coronavirus

TAP has asked for a state-backed loan to aid the survival of the company, which is at its most fragile since it was founded, board chairman Miguel Frasquilho said in a parliamentary hearing Thursday. "TAP has addressed a bid for support to the Portuguese state," Frasquilho said, adding he hoped the company would get a response from the govt very soon. A TAP spokesperson declined to specify the figure. The airline, which Frasquilho said was "at its most delicate" since its founding 75 years ago, has also asked to be exempt from or allowed to postpone various tax payments. The company temporarily laid off 90% of its 10,000 employees in the first week of April. Both PM Antonio Costa and finance minister Mario Centeno raised the possibility of nationalising the carrier earlier this week. <br/>