Elsewhere in Europe, BCG has also been selected to prepare the restructuring plan for TAP Air Portugal. Portugal expects airline TAP will need around 2 billion euros ($2.4 billion) in extra funds with state guarantees to cover its financing needs until 2024 under a restructuring plan. EU antitrust regulators have been examining since mid-July whether the plan, which involves around 2,000 job cuts and pay cuts of up to 25%, is proportionate . According to the Commission's assessment, this measure will provide TAP with the necessary resources to address its immediate liquidity needs, without unduly distorting competition in the Single Market. TAP ne répond pas à mes demandes de prolongement de voucher lié au Coronavirus. EU approves further COVID aid for Portuguese airline TAP Covid Cases Rise Amidst Portugal's ... - South EU Summit For this, the European Commission has granted the Portuguese government a €1.2 billion ($1.36 billion) rescue package to be distributed to its flag carrier. Planning to experience the best of Europe and the world with TAP Air Portugal? The situation is so grave that TAP had recently announced its intentions to temporarily lay off around 90% of its employees. Frequent travelers give the airline an average rating of 7.2/10. TAP Air Portugal - Wikipedia Pandemic reawakens Portugal's debt crisis trauma ... KLM, SAS, and TAP Air Portugal—having received generous financial support . But I'm staying far away from it… I Am Very Reluctant To Do Business With TAP Air Portugal. The Management believes that the preparation of the financial statements as at 31 December 2020 should be made on a going concern basis, based on (i) the approval by the European Commission, on 10 June 2020, of the State aid to TAP Group, in the form of a loan in the amount of EUR 1.2 TAP Air Portugal - Wikipedia PDF EUROPEAN COMMISSION Brussels, 10.6.2020 C(2020) 3989 final Ryanair Opposes €1.2B Virus Aid For Portuguese Airline ... The closing of TAP M&E will not affect the passenger transport activity to and from Brazil, «as it represents between 25% and 30% of the business volume», were the words of the company's directors. "The state will now play a key role in TAP," Finance Minister Joao Leao said at a . TAP Air Portugal, the struggling national airline, is to be bailed out at the cost of 3,500 jobs. Groundforce is 50.1 percent owned by the Portuguese firm Pasogal and 49.9 percent by the TAP-Air Portugal group, which in turn is 72.5 percent controlled by the Portuguese State. It received a €1.2 billion loan in June to help it cope financially, money which it will have to pay back if the restructuring plan is denied. TAP-Air Portugal pilots begin 10-day strike. The importance of that cannot be overstated. Economy of Portugal - Wikipedia The Portuguese government has said that TAP Air Portugal is a strategic company and will not be allowed to fail. FlyTAP - TAP's official website | TAP Air Portugal Larger companies (such as airlines) that need more loan capital can also tap the loan capital markets for funds in a normal situation. In 2019, Tânia bought two TAP tickets for March 2020, but then the pandemic happened, her flights were cancelled and she is still awaiting reimbursement. TAP Air Portugal | Miles&Go - Missed connection / EU261 compensation? TAP Air Portugal is the state-owned flag carrier airline of Portugal, headquartered at Lisbon Airport which also serves as its hub.TAP - Transportes Aéreos Portugueses - has been a member of the Star Alliance since 2005 and operates on average 2,500 flights a week to 90 destinations in 34 countries worldwide. The HAM-LIS flight got delayed and I missed the connection to FAO. LISBON, Portugal (AP) — The Portuguese government announced Thursday it is increasing its stake in TAP Air Portugal from 50% to 72.5% after prolonged negotiations with the airline's minority private shareholders on how to save the money-losing company. However, instead of having a TAP credit card, you can get a travel rewards credit card that won't limit you to one airline. Airbus has had a strong growing bilateral relationship with Portugal for more than 50 years. Analysts have put three airlines from Turkey in the "trouble zone": Turkish Airlines, SunExpress and Pegasus. TAP Air Portugal has a nice worldwide business class sale going on right now. It's a nice airline to fly: I had a lovely flight from Lisbon to Boston. The aid for TAP In the Portuguese case, the State aid scheme consists of a rescue loan of 1.2 billion euros. TAP Air Portugal. On May 19, 2021, the General Court of . For Summer 2021, Portugal's flag carrier plans to launch six new routes: Ibiza and Fuerteventura, in Spain; Oujda, in Morocco; Zagreb, in . The massive capacity and route cuts might reflect the serious implications that TAP Air Portugal is facing. Mon billet a bien été annulé avec un voucher d'un an mais avec la situation sanitaire, impossible pour moi de reprendre un billet et ils ne répondent pas à ma demande de prolongement de mon voucher, qui a été établi directement pour 2 ans à une personne du même vol. Sep 14, 2020. "I've sent many messages demanding my refund, but TAP is playing dead." "Although the European Union has said that airlines have to either . TAP Air Portugal (TP, Lisbon) has filed an application in the Commercial Courts of Lisbon for the liquidation of its groundhandling company, Serviços Portugueses de Handling, S.A. (SPdH), also known by its trademark Groundforce Portugal.. The size and level of specialisation of the legal department were decisive to address the needs of TAP Group in a period of growth and where relevant financial transactions occurred, such as the first bond issuance of TAP Air Portugal to be listed in the stock exchange Euronext Lisbon (in 2019). They can't keep ignoring court orders and judgments to escape their financial liabilities. Unlike TAP Air Portugal, the applicant, its main competitor in Portugal, is not in receipt of a State loan. . Because it is a non-refundable fare, they don't want to give a refund. The company has a fleet of 100 airplanes, all of which manufactured by Airbus . TAP was privatized in 2015 by a center-right Social Democratic government eager to find revenue in the aftermath of a national financial crisis. TAP Air Portugal seems to have found a mechanism to receive a much-needed cash injection to mitigate the effects of the COVID-19 crisis. Weaknesses: Cabin crew is below compared to competing carriers. Explore destinations and the cheapest flights, learn all about check-in, meals and TAP Miles&Go benefits. The situation was further aggravated by the third wave of the pandemic, which forced TAP, in December 2020, to reduce its capacity by 67% and its number of flights by 70%. A fact that certainly will not please the low-cost airline Ryanair: the latter did not like the state aid granted to Tap Air Portugal (read also the article published by AVIONEWS), but Lisbon is ready to present a restructuring for the company no later than next November.The document will be delivered to the European Commission and, if approved, a more than massive rescue loan will be repaid. ICLG - Environmental, Social & Governance Law - Portugal Chapter covers common issues in ESG law - including principal sources of ESG pressure, integration of ESG into business operations and planning, finance and the impact of COVI. However, unlike other airlines, TAP was arguably struggling before the crisis hit, meaning it is worse off than other airlines. However, the court dismissed Ryanair's claim against state aid in Spain. Ryanair gloats Court's ruling to tear off bailout of two rivals. Last year the Commission gave the go-ahead to a bailout worth €3.4 billion to KLM and of €1.2 billion for TAP Air Portugal. TAP Air Portugal: Horrible, horrible, horrible - See 21,272 traveler reviews, 3,088 candid photos, and great deals for TAP Air Portugal, at Tripadvisor. Air Portugal (TAP) may not be the absolute shittest airline on earth, but it tries hard. In other words, at that stage buyers of those bonds issued by TAP Air Portugal d a discount on the require TAP is unable to carry cats or dogs in the executive cabin on long-haul flights (except assistance dogs on some services). During the height of the financial crisis, in 2008, operators incurred an average loss of $10.49 per passenger. Environmental, Social & Governance Law Portugal 2022. Groundforce is 50.1 per cent owned by the Portuguese firm Pasogal and 49.9 per cent by the TAP-Air Portugal group, which in turn is 72.5 per cent controlled by the Portuguese state. But I don't view the airline as very ethical. The Financial Times and its journalism . Book now! How has your strategy changed from pre-pandemic aspirations? LISBON, Portugal (AP) — The Portuguese government announced Thursday it is increasing its stake in TAP Air Portugal from 50% to 72.5% after prolonged negotiations with the airline's minority private shareholders on how to save the money-losing company. I recently started to fly with TAP regularly (used to fly mostly AF, KL, DL) and would love to get some input from frequent TAP flyers. . . On Monday last week I turned up at Heathrow for a flight to Abidjan in the Ivory Coast. The airline has a frequent flyer program called TAP Miles&Go that allows to earn miles towards future travel. The Gates' and Rockefeller Foundations had very kindly bought me a Business Class ticket to go speak at the 2017 African Green Revolution Forum . The airline is a creditor of Groundforce, which to date has provided ground-handling services to TAP at Lisbon, Porto, Faro, Funchal, and Porto Santo. The baggage handlers of Groundforce decided on this 48-hour strike to denounce the "situation of unsustainable instability" that the company is experiencing, in the grip of serious financial difficulties against a backdrop of tensions between its main private shareholder and TAP, which owns 49.9% of the capital. TAP staff waited at the airport with a Portugália Airlines now operates as TAP Express, with a modern and up-to-date fleet, and serves a number of destinations on the TAP network. That is a simple fact, and it is the same for most airlines. (13) Portugal submits that TAP Air Portugal is a major provider of connectivity for passengers and cargo to, from and within Portugal. In 2019, with a fleet of 108 planes, TAP Air Portugal served 95 destinations in 38 countries, carrying over 17 million passengers from its main hub, Lisbon, and other Portuguese airports to various . The Portugal News spoke to four of these people. the Commission merely provided details on the beneficiary's financial situation and the . TAP Air Portugal welcomes you on board! The buyers included U.S.-Brazilian airline investor David Neeleman, chairman of Brazilian airline Azul. With this context, and thanks to a further decrease in demand, TAP was forced to suspend 93% of its total operations in February 2021. TAP Air Portugal is the state-run flag airline of Portugal and a member of Star Alliance since 2005. LISBON, Portugal -- The Portuguese government announced Thursday it is increasing its stake in TAP Air Portugal from 50% to 72.5% after prolonged negotiations with the airline's minority private . TAP Air Portugal | Miles&Go - TAP financial stability during COVID19 - Ever since the COVID19 outbreak, many airlines are in big financial trouble. Keeping the Economy Going. I had a love-hate relationship with TAP Air Portugal. TAP Posts Q1 Losses, Fleet Cuts Amid Nationalization. The Portuguese Financial crisis was a major political and economic crisis, related with the European sovereign debt crisis and its heavy impact in Portugal. In response to the Coronavirus situation, the Commission of the European Union approved a State aid Temporary Framework, following Article 107(3)(b) TFEU to help the Member States recover amid the ongoing pandemic situation. Its financial situation is poor with large losses being experienced, although in 2003 it did make a marginal operating profit (€12 million on a turnover of €1144 million, but embedded in the accounts was a one-time . Over 25 pages, the Commission recalls the history of the process and the difficulties of the national airline, which led the Portuguese state to decide to grant €3.2 billion in aid to finance a restructuring plan for the group through TAP Air Portugal, notified to Brussels on 10 June 2021, but on which the European Commission wants further . At the time of the rescue aid TAP SGPS was a holding and a parent company of TAP Air Portugal, a major network airline operating in Portugal. TAP does not accept reservations to carry brachycephalic animals in the . MIAMI - On Monday, TAP Air Portugal (TP) posted its financial results for Q1 2020, showing a huge loss of USD$443m. Ryanair is challenging the European Commission's approval of Portugal's €1.2 billion rescue loan for TAP Air Portugal, the budget airline's latest attempt to block hefty state aid packages . Hence, the nationalization of the airline might be imperative to its survival. "Our tourist sector is coming out of a very deep crisis. I kickstarted my luxury hotel round-the-world trip with TAP Air Portugal business class on their A330-200, which would bring me over to Lisbon before connecting onto Paris Orly.. Q: In August 2019 I booked two roundtrip tickets to Lisbon on TAP Air Portugal, using Flight Network, an online travel agency. The airline is headquartered at Lisbon Airport and operates 2,300 flights a week to more than 80 destinations in 30 countries globally. "The state will now play a key role in TAP," Finance Minister Joao Leao said at . TAP Offering "Book with Confidence" Protection and Low Fares to Portugal and Connecting Destinations in Europe and Africa. This is below the general average . Updated Nov. 13, 2014 1:35 pm ET. After a positive start in the first two months of the year, things took a turn for the worse. The Portuguese airline group, whose financial difficulties increased with the Covid-19 pandemic, was urgently rescued in 2020 by the State. TAP Air Portugal accounted for more than 50 per cent of the arrivals and departures at the Lisbon International Airport. With a fleet of 105 planes, TAP Air Portugal served 95 destinations in 38 countries in 2019, carrying over 17 million passengers from its main hub, Lisbon, and other . AP Air Portugal announces new routes for 2021. The pandemic induced lockdown resulted in an 8.7 billion euro gap in public revenue, and the government expects a 6.3 percent deficit in 2020 with an increase in public debt to 134.4 percent of GDP in 2020 - up from last year's 117.7 percent. The airline has sought a government guarantee to back a bank . The company has a fleet of 100 airplanes, all of which manufactured by Airbus . This will help the Dutch airline meet the conditions set by Minister of Finance Wopke Hoekstra as part of the airline's €3.4 billion bailout, which saw the technically bankrupt KLM through the lockdown period. The TAP Air Portugal pet policy is as follows: Pets can be transported in the cabin or in the hold. The Portuguese flag carrier, TAP Air Portugal, operates within this environment. - On my last trip, I had a confirmed oneway reservation HAM-LIS-FAO, with departure from HAM at 6:00 am and arrival in FAO at 10:30 am. Cette croissance de la compagnie nationale portugaise, de 2,55 millions de passagers par rapport à l'année précédente, a été accompagnée par une hausse de son coefficient d'occupation de 4,3 points de pourcentage à 82,9%, précise-t-elle dans un . Groundforce claims TAP owes it 12 million euros ($14 million) for services rendered and blames the debt for unpaid wages among its staff. Portugal's ailing flag carrier TAP said on Tuesday it expects the European Commission to approve its 3.2 billion euro ($3.64 billion) restructuring plan, which has been under investigation over its compliance with EU rules, by Christmas. Over the last 12 months the rating has been trending upwards. TAP Air Portugal is the state-owned flag carrier airline of Portugal, headquartered at Lisbon Airport which also serves as its hub.TAP - Transportes Aéreos Portugueses - has been a member of the Star Alliance since 2005 and operates on average 2,500 flights a week to 90 destinations in 34 countries worldwide. Ultimately TAP Air Portugal has to find a strategy for the future. Due to TAP's predeceasing financial difficulties, the European […] Madrid (dpa) - The Portuguese government is stepping in to bail out TAP Air Portugal, increasing its stake in the ailing airline from 50 to 72.15 per cent, Finance Minister Joao Leao said in . Brussels also cleared a payment of 107.1 million euros in compensation to the airline for losses suffered during the Covid crisis in the last half of 2020. Portuguese Economy Minister Jose Vieira da Silva warned that a strike by TAP Air Portugal pilots would hurt the tourist industry badly. Separately, Icelandair Group is preparing to issue new shares. Published: 13/12/2021. TAP Air Portugal is taking advantage of seasonal expansion opportunities to plan and deepen its network beyond Portugal across Europe and Africa. "The state will now play a key role in TAP," Finance Minister Joao Leao said at a . "The General Court annuls the Commission's decision to approve the Netherlands financial aid for the airline KLM amid the Covid-19 pandemic on the grounds of inadequate reasoning," the Court said. Portugália Airlines was born in 1990 and has been a part of the TAP Group since 2007. LONDON - TAP Air Portugal (TP) has announced it will cut 3,600 jobs from its workforce, as well as get rid of 17 aircraft from its fleet as the airline aims to tackle financial woes caused by the COVID-19 pandemic.. However, the COVID-19 crisis affected the airlines' credit rates, and they needed immediate financial support to stay afloat. TAP letting down customers. Have a look at the chart, please leave a reply below this . TAP Air Portugal is a Portuguese carrier. Portugal's economy was hard-hit by the COVID-19 crisis. EU approves further COVID aid for Portuguese airline TAP. The airline is being paid up to IAK100 million (approximately EUR600,000) over three weeks for the services. The crisis started to be noted in the initial weeks of 2010 and only began to fade away with the start of the Portuguese economic recovery in the late 2013. In particular, TAP Air Portugal 9 Commission decision C(2021) 2991 final of 23 April 2021, SA.62304 (2021/N) - Portugal COVID 19: Damage compensation to TAP Portugal, (OJ C 240, 18.6.2021). As a trusted partner of the Portuguese aerospace industry, Airbus supports the airline operators with the most modern commercial airplanes and aviation support services and the government with the top-notch defence capabilities and advanced space technologies. It will therefore be penalised in obtaining loans and as regards the terms governing loans, most importantly in relation to their interest rate. The European Commission on Tuesday approved a 2.55 billion euro restructuring plan for TAP Air Portugal, funded by the state, the airline's main shareholder. TAP Air Portugal has rapidly expanded their North American route network in recent years, while simultaneously raising their game with a more competitive business class product on their A330s as well as their new A330 . What do you guys think about the Look no further! J'ai appelé un numéro payant et . Book now! BRUSSELS (Reuters) - The European Commission approved on Wednesday a further, smaller aid measure from Portugal's government for the . Airlines must never be in the position of having to fly just to maintain a slot. La compagnie aérienne TAP Air Portugal a terminé l'année 2017 avec 14,274 millions de passagers, soit une hausse de trafic de 21,7%. Explore destinations and the cheapest flights, learn all about check-in, meals and TAP Miles&Go benefits. The EU General Court sided with Ryanair and ruled against government aid to Air France-KLM and TAP Air Portugal, which were previously approved by the EU Commission. The strike is part of an ongoing financial dispute between Portuguese handling company Groundforce and national flag carrier TAP Air Portugal, which is bearing the brunt of the cancellations. Depending on their real financial situation the owners and management eventually have to decide if a bankruptcy filing is the suitable solution here. New York, NY (October 2, 2020) - TAP Air Portugal is returning to Chicago O'Hare (ORD) and San Francisco International (SFO) airports this weekend, on October 2 and 3 respectively, with nonstop service to Lisbon from each. Like most airlines, the global downturn was a huge blow for TAP. TAP Air Portugal to Caa1-PD and Caa1 respectively. The crisis has caused a wide range of domestic problems that are specifically related to the levels of public deficit, as well as the excessive debt levels, in the economy, culminating in the confirmation from Portugal to a €78 billion financial bailout from the EU in April 2011, following similar decisions from Greece and Ireland. Only dogs and cats can be transported in the cabin. . On 28 May 2020, the annual yield to maturity (December 2024) of the EUR 375 million senior notes issued in December 2019was […] % on the secondary market. Strengths: In-flight meals, entertainment / WiFi and cabin comfort are valued. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. You can find out more information about Portugália here. Portugal's government announced on Thursday it sealed a final deal with private shareholders of ailing flag carrier TAP to take a controlling stake in the airline while avoiding nationalisation. . TAP Air Portugal, which is part of the TAP Group, ultimately controlled by Transportes Aéreos Portugueses SGPS S.A. ("TAP"), is a major network airline operating in Portugal. Portugal's government said it had received several expressions of interest in buying TAP Air Portugal and would try for the second time in two years to . Due to the current Covid-19 pandemic, airline carrier TAP Air Portugal have cancelled thousands of flights since March, which caused many customers to either be stranded in foreign countries, see their holiday plans go down the drain or even have their luggage lost for several months. There is a TAP Air Portugal credit card but it's not available to the U.S. applicants. Pandemic reawakens Portugal's debt crisis trauma. On the other side, Ryanair remains the most profitable airline, followed by Wizz Air, the Lufthansa Group, IAG Group, SAS, easyJet, Icelandair, Jet2.com and TAP Air Portugal. This will represent a cut of over a third of its 10,600-strong workforce, which will generate annual savings of 187.5 million EUR every year. I have a ticket, purchased from TAP air Portugal, from Toronto, Canada to Lisbon. It . TAP Air Portugal welcomes you on board! In a statement, TAP explained, "Activity decrease in March 2020 as a result of . 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