Hey The plan states that the handling company’s new investor, Menzies Aviation, considered it “essential to its investment to subscribe for and hold TAP, SA’s shares at the initial stage of its investment”.
The aim is therefore to proceed with a capital reduction to €0, followed by “underwriting and realization of the capital amount” of €2.5 million which will be carried out “always prior to the approval of this insolvency plan” by the Menzies family. .
In turn, TAP subscribes and repays the capital amount of €2.4 million “through in-kind contributions equivalent to part of the SPdH insolvency appropriations.”
After that, the company’s capital will amount to “4,983,651.90 euros and will be represented by 49,836,519 registered and named shares with a nominal value of 0.10 euros,” according to the document.
The plan states that Menzies “will own 25,000,000 shares, equivalent to 50.01% of the share capital; TAP, SA will own 24,836,519 shares, equivalent to 49.9% of the share capital.”
TAP requested Groundforce’s insolvency in 2021, in a process whose provisional list of creditors indicated, at the time, debts of around €154 million.
Later, according to the plan, the recognized debts amounted to 136.2 million euros.
The largest creditors are TAP and ANA – Aeroportos de Portugal, with €15.5 million of credit and €12.8 million, respectively.
Read also: Groundforce bankruptcy considers terminating 300 workers
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