New planes arrive in 2017 – Correio da Manhã

 Photo José Sena Goulão / Lusa

The 53 new Airbus must all be delivered and the service of TAP 2020

13/06/2015 10:29

New aircraft arrive in 2017

Barraqueiro the Owner in majority on the board of administration.

 By Miguel Alexandre Ganhão

The first new aircraft for TAP should arrive in 2017, and the renewal of the fleet with 53 new Airbus promised by the winning consortium of the privatization process will be completed in 2020, found the CM along the process of sources.

The new air carrier’s governance model will eliminate the supervisory board, leaving only an enlarged board of directors, where will an executive committee. Humberto Pedrosa, owner of Barraqueiro and David Neeleman partner in Gateway consortium will most administrators. The state (which still holds 34% of the company) to decide whether to appoint executive directors.

Also according to sources close to the process, the contract signing ceremony, the Gateway has to pay immediately a sign of two million euros to the state, and the other eight delivered once the deal is fully implemented (which is expected to happen by the end of the year).

When all legal formalities are met, Humberto Pedrosa and David Neeleman must inject in TAP EUR 269 million (80% of the promised capitalization) and, from 2016, will be applied over 17 million quarterly to supplement the 338 million of capital reinforcement.

Another relevant fact was the requirement on the part of two consortia that have passed the final stage of the process, an indemnity clause that would safeguard the “political risk” of a future government reversing the business. This clause was not accepted.

The Gateway consortium has four years to if you want, put part of the capital of TAP on the stock exchange. In this case, the State may earn an additional 90 million euros as a result of benefit sharing, based on the economic performance of the airline during the year 2015.

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