The Groundforce insolvency plan anticipates that the TAP shareholder will be in an initial stage

Hey The plan states that the new investor in Munawala, Menzies Aviation, deemed it “essential for his investment to subscribe to and maintain shares of TAP, SA in the initial phase of his investment”.

Thus, the aim is to proceed with the reduction of the share capital to €0, followed by the ‘subscription and payment of the share capital’ of €2.5 million which will be carried out ‘always prior to the approval of this insolvency plan’ by Almenzies.

In turn, TAP will underwrite and pay the share capital amounting to €2.4 million “through in-kind contributions equal to part of the claims relating to SPdH’s insolvency”.

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”.

In 2021, TAP requested the insolvency of Groundforce, in a process which the provisional list of creditors indicated, at the time, debts of around €154 million.

Then, according to the plan, the recognized debt amounted to 136.2 million euros.

The largest creditors are TAP and ANA – Aeroportos de Portugal, with loans of €15.5m and €12.8m respectively.

Also Read: Groundforce Bankruptcy Considers Terminating 300 Workers