The modality provides for an “extension of the maturity, and the State’s endorsement was requested for the realisation of this operation”, according to a resolution published in the Official Bulletin and which comes into force today.
“The overall term of the operation is 122 months, in accordance with the repayment plan approved by the creditor bank,” reads the document.
The guarantee is part of TACV’s 2023-2027 Interim Business Plan. This company previously operated only international flights until it was called upon to handle domestic flights as well, following the collapse of the BestFly concession in 2024.
According to the latest figures, published in a state report on the business sector, the company recorded a net loss of €6.1 million in the third quarter of 2024 and is among the public companies with the greatest risks.
Despite showing “a robust operating [performance]”, a “sustained path to recovery” and “significant growth potential”, profitability was affected by “total operating expenses of 1.9 billion escudos (€17.2 million), particularly leasing costs, which totalled 575 million escudos (€5.2 million) and continue to represent a significant weight”, the document reads.
Various organisations have suggested that TACV should focus on ending chronic failures on domestic flights, which it has a monopoly over, and on abandoning connections abroad, where it faces growing competition from European low-cost airlines.
The government has responded that caution is needed regarding excessive dependence on low-cost airlines for international air transport in an archipelago with a strong diaspora.
Platform with Lusa
