TAP reaches agreement with Airbus to postpone delivery of 15 planes

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A TAP announced, on Monday, that reached agreement with Airbus to delay delivery of 15 new aircraft, according to a statement sent by the airline to the Securities Market Commission (CMVM). THE objective is to save about 857 million euros.

“Airbus has renegotiated the deferral of delivery dates for 13 A320neo aircraft from 2012-2022 to 2025-2027 and deferral of delivery date of [dois] A330neo from 2022 to 2024“, can be read in the statement.

The airline adds that these changes to the contract will allow reduce investment by approximately $ 1 billion (approximately EUR 857 million) and align with the “current market moment “.

“Regarding the agreement already reached with Airbus, this changes the aircraft acquisition contracts for the A320neo and A330neo families, allowing to reduce the CAPEX in the years 2020-2022 in approximately USD 1,000 million in order to achieve better alignment with the current market moment and the prospects for the next 18-24 months“, says the company.

It also reminds the airline that is contracted with Airbus to purchase 53 aircraft (39 A320 NEO Family e 14 A330 NEO) receivable between 2018 and 2025.

“This order is a result of novation TAP SA of the acquisition contract previously negotiated and signed between Airbus and DGN Corporation. Of these, contracts to date have been signed assignment of contractual position with subsequent leaseback and sale and leaseback contracts for 18 aircraft, of which 17 aircraft have already been received “, it can be read.

TAP recorded a loss of 582 million euros in the first half, which compares with a negative net result of 112 million in the same period in 2019, the airline informed the airline. CMVM.

The company said that the operation and results were “significantly shocked for breaking activity from March, in front of pandemic gives Covid-19.

The Council of Ministers approved on 17 July the granting of a loan of up to 1,200 million euros to TAP, in accordance with the decision of the European Commission. The first tranche of the 250 million euro loan arrived at TAP on 17 July.

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