The David Neeleman Gateway consortium, which paid 354 million euros (US$397m) for a 61% stake in the Portuguese national airline, TAP, will assume the entire debt of the carrier, according to one of the consortium members.
And, according to TAP’s annual report for 2014, the group had non-current liabilities of 536 million euros, current liabilities of 1.535 billion euros and negative equity of 511 million euros.
The deal’s value could rise to 488 million euros depending on TAP’s 2015 performance.
The other shareholders are state shareholding company, Parpública with 34% and a share of 5% reserved for employees.
Airline buyer assumes multi-billion debt
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