According to the agreement, the national flag carrier will still be managed by the private consortium led by David Neeleman and Humberto Pedrosa, but will relinquish 11 percent of the company it previously held.


Another five percent of the company is available to workers, which could see TAP be majority-owned by the state, but this has been disputed by Neeleman and Pedrosa, who told reporters they did not buy the airline to be minority shareholders.