TAP and Menzies Aviation have entered into an agreement for the “restoration and revitalization of Groundforce”, a company that was declared bankrupt in August 2021.
In a statement released Tuesday evening, the airline says the subscription agreement between the three companies (TAP, Menzies Aviation and Groundforce) “it is the culmination of a long and very demanding process for the selection of a skilled investor committed to the recovery of the company” airport assistance.
According to the statement, Menzies Aviation “has always shown an interest in this goal at various stages of the process”.
Menzies Aviation is an aviation services provider providing ground handling, founded in Edinburgh, Scotland.
The agreement now concluded sets out the terms and conditions of Groundforce’s recovery plan.
“After obtaining the necessary authorizations and consents, the recovery plan should be submitted by the Insolvency Administrators for consideration, discussion and approval by the Groundforce Creditors’ Meeting,” the statement read.
TAP also says in the statement that “this is a decisive step towards the recovery of Groundforce, strengthening the confidence of all its stakeholders in the future of this company, and is also an important milestone in strengthening of ‘handling capacity’, with an impact throughout the national economy”.
The company emphasizes that this measure is in line with its restructuring plan and states that “the success of this process is crucial to the stability and improvement of its operational performance, as the proper functioning of Groundforce is fundamental to TAP’s business and to the satisfaction of its customers”.
On September 22, 2021, Groundforce’s creditors, meeting in a meeting of creditors, at the Court of Monsanto, Lisbon, approved the company’s recovery, as proposed by the insolvency administrators, who at the time submitted a union source to the agency Lusa.
Most of the creditors represented at the meeting have labor claims, that is, they are workers. The largest creditors of the ‘handling’ group (assistance at ground airports) are also represented.
Groundforce’s list of creditors, drawn up during the company’s insolvency process, counts 2,791 entities, totaling more than $154 million, with TAP having approved credits of nearly $19.7 million.
Source: DN
