Portuguese airline agrees to $2.9 billion recovery plan

LISBON, Portugal (AP) – European Union authorities have approved a plan to rescue TAP Air Portugal, which is receiving government aid worth 2.55 billion euros (2.9 billion). USD) to help the flag carrier restructure its operations. In return, TAP would have to give up some seats at Lisbon’s airport and sell off some of its assets, including catering and baggage handling companies in Portugal. The European Commission also allowed the government to provide airlines with more than 100 million euros ($113 million) to offset business losses due to the COVID-19 pandemic, which has collapsed tourism businesses. calendar. TAP flies to more than 80 destinations in about 30 countries.