Azores airline needs capital to get 'out of hole'

By TPN/Lusa, in News · 08-01-2018 07:21:00 · 0 Comments
Azores airline needs capital to get 'out of hole'

The coordinator of the SATA Air Açores Workers’ commission, Jaime Pacheco, acknowledged that the airline, which has liabilities of about €200 million, needed a “capital injection to get out of the hole it is in".

"SATA currently has quite high liabilities, you just have to look at the last report from the Audit Court where it says that SATA has liabilities of around €200 million and, if we cannot resolve this problem of the liabilities, there is no way we can get out of this hole", he said.

"What we are asking is that (the regional government) injects enough money into the company so we can pay this debt or at least reduce it to a more comfortable level and set up our summer operation.

At the moment the debt is completely unpayable, we don’t have the financial resources to pay the wages without going to ask the bank, so how can we pay the debt?", he asked.

Jaime Pacheco said the workers were extremely concerned and that 2017 had been a very unusual year.

The year was unusual in that we could not get out of the red and see better earnings and we couldn’t manage because we have old aircraft, there were many irregularities and this cost us a lot of money", he added.


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