The first stage of the operation will see ten million euros paid over to Lisbon, while the national flag carrier’s two billion euros worth of debt will be absorbed by Gateway, who will also receive a 61 percent share of the airline.


Gateway has also undertaken to purchase more than 50 new aircraft to boost TAP’s ageing fleet, and consist mostly of the new Airbus Neo aircraft including the A330 and the long-haul adapted A321.