TAP defers lease payments and looks to sell up to eight aircraft
TAP Air Portugal has negotiated payment deferrals covering about 60% of its leased fleet, and is looking at selling up to eight Airbus narrowbodies as well as returning some aircraft early to lessors. The Portuguese flag carrier has made the disclosures in a first-half financial results document in which it reveals that it incurred a net loss of E582m in the six-month period to 30 June. This compares with a E112m net loss in the same period of 2019. TAP says it has agreed with Airbus to defer deliveries of most of the A320neo-family aircraft it has on order, and to either postpone the arrival of two A330neos or exchange them for “other models, in light of the market rebound and TAP’s needs at such time”. The airline has postponed “some” of the A320neo-family aircraft that were scheduled to be delivered this year to 2021, and “most deliveries” planned for 2021-22 to 2025-27. The two A330neos it had planned to take delivery of in 2022 have been pushed back to 2024, and the airline highlights the “possibility” of switching to another aircraft type instead. TAP says its agreement with Airbus reduces its 2020-22 capital expenditure by about $1b.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-09-30/star/tap-defers-lease-payments-and-looks-to-sell-up-to-eight-aircraft
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TAP defers lease payments and looks to sell up to eight aircraft
TAP Air Portugal has negotiated payment deferrals covering about 60% of its leased fleet, and is looking at selling up to eight Airbus narrowbodies as well as returning some aircraft early to lessors. The Portuguese flag carrier has made the disclosures in a first-half financial results document in which it reveals that it incurred a net loss of E582m in the six-month period to 30 June. This compares with a E112m net loss in the same period of 2019. TAP says it has agreed with Airbus to defer deliveries of most of the A320neo-family aircraft it has on order, and to either postpone the arrival of two A330neos or exchange them for “other models, in light of the market rebound and TAP’s needs at such time”. The airline has postponed “some” of the A320neo-family aircraft that were scheduled to be delivered this year to 2021, and “most deliveries” planned for 2021-22 to 2025-27. The two A330neos it had planned to take delivery of in 2022 have been pushed back to 2024, and the airline highlights the “possibility” of switching to another aircraft type instead. TAP says its agreement with Airbus reduces its 2020-22 capital expenditure by about $1b.<br/>
