Ryanair challenges Portugal's TAP bailout
Ryanair said Thursday it had taken its challenge over Portuguese aid for state-owned carrier TAP to the European courts. The Irish-based carrier told AFP it was appealing against a June decision by the EC to authorise a E1.2b rescue loan for ailing TAP to keep it afloat as the coronoavirus pandemic buffeted the aviation industry. Lisbon then annnounced last month it was taking the carrier back into majority state ownership, boosting its stake to 72.5 from 50% with the E55m purchase of half of the Atlantic Gateway consortium's stake controlled by US businessman David Neeleman. Portugal argues the move, which will see the fleet pared down and routes scrapped, will permit restructuring and TAP's long-term viability. Ryanair argues the cash injection amounts to illegal state support.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-08-28/star/ryanair-challenges-portugals-tap-bailout
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Ryanair challenges Portugal's TAP bailout
Ryanair said Thursday it had taken its challenge over Portuguese aid for state-owned carrier TAP to the European courts. The Irish-based carrier told AFP it was appealing against a June decision by the EC to authorise a E1.2b rescue loan for ailing TAP to keep it afloat as the coronoavirus pandemic buffeted the aviation industry. Lisbon then annnounced last month it was taking the carrier back into majority state ownership, boosting its stake to 72.5 from 50% with the E55m purchase of half of the Atlantic Gateway consortium's stake controlled by US businessman David Neeleman. Portugal argues the move, which will see the fleet pared down and routes scrapped, will permit restructuring and TAP's long-term viability. Ryanair argues the cash injection amounts to illegal state support.<br/>
