“The five candidates who had submitted non-binding proposals for the privatisation of Azores Airlines have been invited by SATA Holding to present binding proposals by 9 December,” ​​reads a statement issued by SATA.

The aviation group states that the decision “was made following the completion of an analysis of the proposals submitted by the candidates.”

It adds that it will disclose the entities’ names at the next stage.

“Binding proposals must be submitted in accordance with the terms and conditions set out in the process’s tender specifications. At that stage, SATA Holding will announce the names of the candidates who will advance to the final phase of the privatisation process,” the statement notes.

Privatisation process

On 22 September, SATA Holding disclosed that it had received five non-binding proposals as part of the privatisation process for SATA Internacional/Azores Airlines.

“The proposals received will now be analysed and evaluated, in accordance with the terms defined in the process’s tender specifications,” the company said at the time, in a release sent to the Lusa news agency one day after the deadline for submitting non-binding proposals passed.

On 16 September, the Azorean aviation group announced it had completed its review of documentation on the privatisation of Azores Airlines and decided to invite six entities to submit non-binding proposals.

The privatisation tender specifications for SATA Internacional/Azores Airlines propose selling at least 75% of the company and prohibit job cuts or collective layoffs for 30 months.

Restructuring plan

Under the restructuring plan approved by the European Commission, the tender specifications establish a “private negotiation” model for the airline’s privatisation, which must be concluded by the end of the year.

The tender specifications outline an initial phase to qualify interested parties, a second phase for submitting non-binding proposals, and a third phase for binding proposals; they also allow for a “final negotiation phase.”

The criteria for selecting proposals include the price offered for the shares, a “commitment to contribute to strengthening the company’s economic and financial capacity,” the “absence of legal or economic conditions,” a guarantee that labour commitments will be honoured, and the promotion of “shareholder stability” through the “implementation of a governance model that takes into account the specific nature” of Azores Airlines.

Set The Portugal News as your preferred source for news on Google

GoogleAdd as a preferred source on Google