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Monday, October 18, 2021

Groundforce declared insolvent and close to changing hands. the essentials

After many months of disturbances in the receipt of wages, Groundforce workers carried out, on the weekend of 17 and 18 July, a large-scale strike, forcing the Government and TAP to intervene.

The airline, for its part, opted to proceed with the direct payment of vacation pay and arrears to Groundforce workers after previously its proposal to the company for ‘dealing with’ had been refused.

Earlier this year, after several stages of negotiations to try to resolve the company’s problems, between TAP, which holds 49.9% of SPdH (known by its trade name, Groundforce), and Pasogal, the majority shareholder of the company. ‘dealing with’ (assistance at airports) with 50.1% of its share capital, the minister of Infrastructure and Housing, Pedro Nuno Santos, informed the workers’ representatives that the shares of Pasogal were already pledged and could not be given. as guarantees for an advance from TAP of 2.05 million euros for payment of February salaries, nor for a bank loan with State guarantee of 30 million euros of the Covid lines.

TAP then went ahead with the purchase of equipment from SPdH/Groundforce for 7.5 million euros, to unlock the payment of wages and taxes in arrears, and the ‘dealing with’ company started to pay the airline for the rental of this material.

But the situation continued to drag on, with constant problems in the payment of salaries.

However, Montepio moved forward with the process of selling the pledged shares, after a court decision, and the Government guarantees that it has a solution if this process does not materialize.

Here are the essential points about the Groundforce situation:

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