TAP Says Court Has Declared Groundforce Portugal Insolvent

Portuguese cargo handling services company Groundforce Portugal has been declared insolvent by a court in Lisbon, airline TAP SA says in a regulatory filing.

• TAP had requested Groundforce’s insolvency
• TAP says the ruling will not determine, on its own, the termination of the employment agreements with Groundforce workers or suspension of long-term services agreements of Groundforce, including the ground handling services agreement with TAP
• If it proves viable, the possibility of the continuity of Groundforce’s activity may be evaluated in the insolvency proceedings and the creditors may decide to approve a recovery plan of this company
• NOTE: TAP holds a ...