European Commission approves EUR462 million state loan to support TAP

    European Commission approved (23-Apr-2021) an EUR462 million Portuguese support measure in favour of Transportes Aéreos Portugueses (TAP), finding it to be in line with EU State aid rules. The support will take the form of a loan that may be converted into capital and disbursed to TAP in one or several instalments. The measure aims at compensating the airline for the damage suffered due to the coronavirus outbreak between 19-Mar-2020 and 30-Jun-2020. European Commission EVP Margrethe Vestager, in charge of competition policy, said: “This measure will enable Portugal to compensate TAP for the damage it suffered as a direct result of the travel restrictions that Portugal and other destination countries had to implement to limit the spread of the coronavirus”. A separate assessment of the restructuring plan for the company submitted by Portugal is ongoing, and the European Commission remains in “close and constructive” contacts with Portuguese authorities. [more – original PR]

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