The president of the Azores Regional Government has announced a reshuffle of the executive (PSD/CDS-PP/PPM), which now has two less regional secretaries and.
Portugal: Third of recovery plan funds contracted macaubusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macaubusiness.com Daily Mail and Mail on Sunday newspapers.
Aegean Airlines
The Greek government in November set out plans to provide up to €120 million ($146 million) in state support for Aegean Airlines as part of a wider capital increase. Under the plan, the Greek state would receive warrants for the purchase of shares in the company. The European Commission approved the Greek investment, which is being made via a direct grant, on 23 December.
Air Baltic
The Latvian government’s €250 million recapitalisation of Air Baltic was approved by European regulators in July. The move took the Latvian state’s holding in the airline from 80% to above 96%. The state will receive an appropriate remuneration for the investment and there are additional mechanisms to incentivise Air Baltic to buy back the state’s equity participation obtained as a result of the recapitalisation.
By David Kaminski-Morrow2020-12-14T12:53:00+00:00
Azorean carrier SATA Air Acores is facing the prospect of substantial restructuring after European regulators declared that a previous government’s capital injections to the company amounted to illegal state aid.
The Portuguese archipelago’s secretary for finance, Joaquim Bastos e Silva, has disclosed during a legislative assembly that nearly €73 million ($89 million) in support – put in place during 2017-20 – breached European Union rules, because prior approval was not obtained.
“SATA must return this huge amount to the [regional community] and this has to be done before any negotiations about urgent restructuring,” he says.
The European Commission had approved, in August, an urgent rescue package for SATA including €133 million in liquidity support.