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The chairman of the board of directors of TAP, Miguel Frasquilho, defended this Monday that the airline needs a minimum size to continue defending the interests of the country, although it has to “shrink”, within the framework of the restructuring plan.
“TAP needs a minimum size. We are going to work in this scenario, the intention is not that TAP is a small TAP, […] this does not serve the interests of the country, ”said the group’s president in an online conversation with the president of the Portuguese Tourism Confederation (CTP), Francisco Calheiros, to discuss transportation and accessibility in times of pandemic. COVID-19.
“It is natural for TAP to shrink. […] But we do not want this dimension to prevent TAP from continuing to serve the interests of the country, “added Miguel Frasquilho, underlining that there is a level beyond which it is not possible to reduce the fleet, without compromising that service. The official recalled that, according to the latest forecasts, only in 2024 will air activity return to the levels it had in 2019. The idea, he said, is to restore the size of the fleet as the prospects for recovery improve.
Regarding the workers, Miguel Frasquilho reiterated that the safeguarding employment is a “very big” concern of the company, but admitted that it is not yet in a position to proceed with the reduction of the number of workers, which can occur due to the loss of size. “Unfortunately, I would say that the sacrifices will continue. The shape of these sacrifices, we are still working on it. It won’t be long now, “he assured, referring that the restructuring plan” surely “will be ready by the end of October.
Porto again out of TAP’s recovery plans
The airline president also ensured the maintenance of downtown Lisbon, with plans to reopen all routes to the US and Brazil in October, albeit less frequently. Miguel Frasquilho also guaranteed concern with the rest of the national territory, especially the North region, the “most entrepreneurial”, despite the “misunderstandings of the past”.
On August 11, Miguel Frasquilho announced, in a message to the employees that Lusa had access to, the choice of BCG to draw up the TAP restructuring plan, required by the European Commission, after the approval of state aid to the enterprise. aerial.
On July 17, the Council of Ministers approved the granting of a loan of up to 1.2 billion euros to TAP, in accordance with the decision of the European Commission. In addition to the loan with interests in favor of the TAP Group of 946 million, to which 254 million may be added, without, however, the State being obliged to make it available, the negotiations aimed at the acquisition, by the Portuguese State, of participations social rights, economic rights and a part of the ancillary benefits of the current shareholder of TAP SGPS, Atlantic Gateway, SGPS, Lda. In this way, the Portuguese State now has a total social participation of 72.5% and the corresponding economic rights in TAP SGPS, for the amount of 55 million euros.
