The court has declared the insolvency of the debtor: Siavilo – SGPS. The ruling states that “the incident of classification of insolvency is not declared open, as there are currently no elements available for this purpose.”
The request was submitted on July 10, with a creditors’ meeting scheduled for October 2.
The insolvency request of the former TAP SGPS was anticipated, considering that Siavilo virtually has no assets and presents a negative net position exceeding one billion euros. Its corporate bodies have resigned in recent months.
As a creditor of the holding company, TAP initiated the insolvency process.
[News updated at 20:07]
