The Portuguese state-owned TAP SGPS changed its name to Siavilo in January, following the resignation of its board members, as reported in May records.
The resigning members of the Board of Administration included Luís Rodrigues (president), Mário Cruz, Mário Chaves, Maria João Cardoso, Sofia Lufinha, Gonçalo Pires, Patrício Castro, Ana Teresa Lehmann, João Pedro Duarte, and Maria de Fátima Geada.
In addition, Baker Tilly and Pricewaterhousecoopers & Associados resigned as president of the Fiscal Council and Official Auditor, respectively.
These changes come as the government reaffirms its intention to proceed with the privatization of TAP.
TAP SPGS ceased to hold stakes in TAP SA following aids granted due to the pandemic impact.
TAP acquired 100% of holdings in Portugália, UCS – Integrated Health Care, and Cateringpor, thereby completing essential operations for restructuring and allowing the company’s reprivatization.
“The TAP group, with the government’s support, completed the necessary corporate operations for pursuing the Restructuring Plan agreed with the EU, thus preparing TAP SA for the reprivatization process,” the Ministry of Infrastructure and Housing and the Ministry of Finance stated in a joint communique issued in January.
Cateringpor was among the businesses to be divested under TAP’s restructuring plan agreed with the European Union, alongside Groundforce. Menzies Aviation completed the acquisition of 50.1% of the handling company last year.
The future remains uncertain regarding the debt of the Brazilian company Azul, amounting to close to 180 million euros.
Azul assured that its restructuring plan does not hinder its expansion in Portugal and insisted that the TAP debt—180 million euros—be considered in the Portuguese airline’s reprivatization process.
In an interview with Lusa, Azul’s Vice President of Institutional and Corporate Affairs, Fábio Campos, emphasized that the restructuring proceeds “solidly” with the backing of the company’s leading creditors and partners, enabling an accelerated timeline for concluding the process.
Regarding TAP’s debt to Azul, Campos clarified that it is not included in the ongoing restructuring process.
“This debt matures next year and is under judicial discussion. There is no doubt about the loan’s existence, but there are questions about the guarantee’s constitution,” he explained.
Azul subscribed to 90 million euros of a bond loan to TAP in 2016 to aid the Portuguese company’s liquidity, with accumulated interests expected to raise the value to about 180 million euros next year, according to figures provided by Azul’s Vice President of Institutional and Corporate Affairs.
Lusa contacted the Ministry of Finance and is awaiting a response.
