Lisbon, June 30, 2026 (Lusa) - The European Commission formally confirmed on Tuesday that Portugal “has fully complied with the commitments made to Brussels” under TAP’s restructuring plan, bringing to a close a process that began in 2021.
“The Portuguese state has received, via the Permanent Representation of Portugal to the European Union (REPER), confirmation from the European Commission that TAP’s Restructuring Plan has been successfully completed,” the Ministry of Infrastructure and Housing said in a statement.
“The plan has enabled TAP to become a more financially robust company,” it added.
The confirmation follows the Portuguese authorities' submission of documentation proving the full implementation of the measures set out in the plan approved by Brussels on 1 December 2021, under the state aid rules.
“Compliance with the final conditions of the plan had been achieved with the completion of the disposals of Cateringpor and SPdH and the repayment of €24.99 million to the state,” it noted.
TAP had announced on 12 June the official completion of the plan, following the finalisation of the sale of its stakes in Cateringpor and SPdH — Serviços Portugueses de Handling, formerly Groundforce.
The company then stated that the completion of the plan included repaying €24.99 million to the state, as part of a share capital reduction operation approved by TAP’s sole shareholder, the Portuguese Republic, through the Treasury and Finance Authority.
The repayment of this amount stemmed from Portugal's commitment to Brussels when the deadline for the sale of TAP’s shareholdings in the former Groundforce and Cateringpor was extended to 30 June 2026.
In the statement released on Tuesday, the government emphasised that the additional six-month period ensured “full compliance with all remaining conditions”, namely the disposal of the shareholdings.
Brussels approved TAP’s restructuring plan in December 2021, following the crisis caused by the Covid-19 pandemic in the aviation sector, and linked it to state aid of around €3.2 billion.
This plan included measures for the company’s operational and financial restructuring, the disposal of non-strategic assets, and remedies designed to safeguard competition in the European market.
For the government, the formal conclusion of the process “also strengthens the Portuguese state’s credibility with European institutions” and demonstrates “the ability to deliver on a particularly demanding process which has been closely monitored since 2021”.
The ministry also considers that the completion of the restructuring marks a new phase for the company, allowing it to focus on TAP’s growth, value enhancement and future development, “with greater predictability and clarity in the ongoing privatisation process”.
“The completion of the restructuring process allows TAP to look to the future with greater confidence, reinforcing its role as a strategic asset for the country and Portugal’s position as an international aviation hub,” the minister for infrastructure and housing, Miguel Pinto Luz, said in the same press release.
The completion of the plan coincides with the ongoing partial privatisation of TAP, relaunched by the government in 2025, which provides for the sale of up to 49.9% of the company’s share capital, of which 44.9% will go to a lead investor and up to 5% will be reserved for employees, whilst the state remains the majority shareholder.
At this stage of the process, the Air France-KLM and Lufthansa groups remain in the running and are expected to submit final bids for a stake in the airline by next month.
The government hopes to finalise the sale this year and has acknowledged that it will decide on the buyer at a cabinet meeting at the end of August.
SCR/ADB // ADB.
Lusa
