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A former reference private shareholder will bring a civil action against the Portuguese State in which he will claim multimillion-dollar compensation. The legal battle promises to be long-lasting.
The challenges facing the Government in relation to TAP are not limited to the current crisis the company is experiencing. SOL discovered that the airline’s former benchmark private shareholder, David Neeleman, is preparing to demand multimillion-dollar compensation from the Portuguese state, well in excess of one billion euros. The civil action, which will be finalized by the legal team of the businessman of dual nationality, Brazilian and American, will soon be filed in court and is based on alleged damages caused as a result of the renationalization processes that occurred in 2015 and 2020.
It is recalled that, in July, the Government reached an agreement with David Neeleman to acquire the part of the capital that the businessman owned in TAP. The agreement provided for the payment of 55 million to Neeleman, with the State now holding 72.5% of the company (with Humberto Pedrosa holding 22.5% and the remaining 5% in the hands of small shareholders). The agreement also safeguarded that there would be “no future litigation.”
This information appears precisely on the day that TAP’s restructuring plan was formally presented, after reaching the European Commission last Thursday. The plan foresees that the financing needs of the airline could exceed 3,700 million euros in 2024. At a press conference, Minister Pedro Nuno Santos confirmed the figures, but clarified that the injection of this amount in the company “does not want to say which has to be with a public guarantee ”. “We would like TAP to be able to finance itself in the market,” he clarified, although leaving open the possibility that this is not possible, considering, however, that this would be “the worst scenario.” If Brussels approval is confirmed, the Portuguese State will always be responsible for ensuring that the objectives are met. The package of measures is expected to enter into force in February or March next year.
TAP’s restructuring plan – developed in collaboration with consulting firm Boston Consulting Group and Deustche Bank – estimates that the company will need financing of 3,414 to 3,725 million euros in the next four years to overcome the crisis and become sustainable in the medium / long term. In addition to the loan of 1,200 million made this year by the State, TAP will need from 970 to 1,164 million euros in 2021, from 463 to 503 million in 2022, from 379 to 438 million in 2023 and from 392 to 420 million in 2024.
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