TAP, Menzies Aviation and Groundforce sign subscription agreement

  • The signing of the agreement is a decisive step towards the recovery of Groundforce and strengthening confidence in the company's future.

TAP, Menzies Aviation and Groundforce signed today a Subscription Agreement with a view to the recovery and revitalisation of Groundforce.

This agreement is the culmination of a long and very demanding process to select an investor capable and committed to the recovery of Groundforce, and Menzies Aviation has always shown interest in this goal throughout the various stages of the process.

The Agreement now entered into sets out the general terms and conditions of Groundforce's turnaround plan. After obtaining the necessary authorisations and consents, the recovery plan must be submitted by the Insolvency Administrators for consideration, discussion and approval by Groundforce's Creditors' Meeting.

This is a decisive step towards the recovery of Groundforce, reinforcing the confidence of all its stakeholders in the future of this company, as well as being a significant milestone in strengthening the handling capacity, with an impact on the entire national economy. This is in line with TAP’s restructuring plan.

For TAP, the success of this process is crucial for the stability and improvement of its operational performance, since the proper operation of Groundforce is fundamental for TAP's activity and for the satisfaction of its customers.