HomeWorldDeadline for proposals to privatize Azores Airlines extended until...

Deadline for proposals to privatize Azores Airlines extended until July 31

The Board of Directors of Grupo SATA requested the Regional Government to agree to the extension of the term “in view of the great demand for specifications from more than 31 entities.”

The deadline for submitting proposals for the privatization of Azores Airlines, an airline belonging to the SATA group, has been extended until July 31, the company revealed this Friday.

“Faced with a great demand for the terms of reference from more than 31 entities, and due to the fact that there were formal and informal requests expressed by some of the interested parties for the extension of the terms, the Board of Directors of the SATA group requested the Regional government to agreed to extend the deadline for the submission of proposals. In this way, the deadline for submitting proposals is set for July 31, 2023,” the group reports in a statement.

The public tender for the sale of a minimum of 51% and a maximum of 85% of the share capital of Azores Airlines [SATA Internacional] It was inaugurated on March 23, with a period of 90 days for the presentation of proposals, which was set as the deadline of June 20, according to what the regional Treasury Secretary, Duarte Freitas, reported at the time.

Also in March, Duarte Freitas indicated that the company’s privatization process should be concluded in September or October.

Now, the company justifies the extension decision on the need to “guarantee the interested parties a term that, given the complexity of the operation in question, is adequate for the preparation of their proposals and, specifically, for the analysis of all information available on the website”. data room and the Legal Instruments of the Transaction”.

Regarding these instruments, SATA says that it is still necessary to “give the interested parties an adequate term to present proposals to modify them, as provided in the terms of reference”.

In June 2022, the European Commission approved a Portuguese state aid to support the restructuring of the airline worth 453.25 million euros in loans and state guarantees, contemplating “remedies” such as a reorganization of the structure and the divestment of a majority share (51%). at Azores Airlines, the SATA group company responsible for flights outside the archipelago.

Azores Airlines offers connections outside the Azores archipelago.

Source: Observadora

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