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Brussels okays SATA Air Açores' €453mn in state aid

SATA Air Acores (SP, Ponta Delgada) has been granted European Commission (EC) approval for Portuguese state aid of EUR453.25 million euros (USD486.70 million) to enable the airline to finance its restructuring plans and restore its long-term viability.

EC Executive Vice-President Margrethe Vestager said the measure would ensure "the territorial continuity of the Azores islands with mainland Portugal and the European Union while allowing the return to viability of its regional air carrier SATA". "At the same time, the aid will enable SATA to reorganise its activity, by improving operations and schedules, and by reducing operating costs."

In April 2021, Portugal notified the Commission of its intention to grant restructuring aid to support SATA's restructuring plan for 2021-2025.

The support will take the form of a direct loan of EUR144.5 million (USD155.1 million) and a debt assumption of EUR173.8 million (USD186.6 million), totalling EUR318.25 million (USD341.27 million) to be converted into equity, and a State guarantee of EUR135 million (USD144.9 million) granted until 2028 for funding to be provided by banks and other financial institutions....

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