TAP awarded first E500m of state rescue loan
TAP Portugal has received just under E500m of its potential E1.2b state rescue loan from the Portuguese government, the airline has disclosed. In June, the EC approved Portugal’s plan to lend the carrier up to E1.2b to help address “immediate liquidity needs” arising from the effects of the Covid-19 pandemic. TAP Portugal said 4 September that it has so far received “a total aggregate amount of E499m” under the financing agreement. The Portuguese government has agreed to provide TAP with an interest-bearing loan of up to E946m, with the possibility of adding an extra E254m. However, the airline notes that the state “is not bound to make such an additional amount available”. TAP has agreed to repay the loan within six months or submit a restructuring plan demonstrating its long-term viability.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-09-08/star/tap-awarded-first-e500m-of-state-rescue-loan
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TAP awarded first E500m of state rescue loan
TAP Portugal has received just under E500m of its potential E1.2b state rescue loan from the Portuguese government, the airline has disclosed. In June, the EC approved Portugal’s plan to lend the carrier up to E1.2b to help address “immediate liquidity needs” arising from the effects of the Covid-19 pandemic. TAP Portugal said 4 September that it has so far received “a total aggregate amount of E499m” under the financing agreement. The Portuguese government has agreed to provide TAP with an interest-bearing loan of up to E946m, with the possibility of adding an extra E254m. However, the airline notes that the state “is not bound to make such an additional amount available”. TAP has agreed to repay the loan within six months or submit a restructuring plan demonstrating its long-term viability.<br/>
