David Neeleman did not accept the conditions imposed by the government to leave TAP, which led to the breakdown of the negotiations that started this Tuesday afternoon. For this reason, the scenario of a nationalization without an agreement is back on the table and should be approved by the council of ministers next Thursday.
This Wednesday morning, the government and David Neeleman again negotiated the agreement to exit the American businessman from the capital of TAP. And there was an ultimatum on the table: either until midnight there was an agreement to sell the 22.5% of TAP held by Neeleman or the forced nationalization of that participation was advancing. But the lack of agreement with Neeleman led to the end of the negotiations, according to what the Express found out. The government, however, leaves the door open to a last-minute retreat – until the moment of approval of the nationalization order is ready.
Expresso knows that the most difficult point of contention to overcome – and considered the last obstacle to an agreement – now concerned the bond loan that Brazilian airline Azul, of which Neeleman is a shareholder, made to TAP in 2016. There are 90 million euros and the State wanted this credit to be converted into capital, thus reducing TAP’s debt. This loan lasts until 2026 and has an interest rate of 7.5%. Azul only admitted turning this loan into equity if it had a public guarantee. Requirement that António Costa’s Executive rejected outright. Azul, in the event of TAP’s insolvency or nationalization, would lose those 90 million euros.
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