Azul seeks recovery of 189 million euro loan from TAP

Brazilian airline Azul is pursuing legal action in Lisbon to recover a debt of approximately 189 million euros from the former TAP SGPS, now known as Siavilo. The claim stems from a 2016 bond loan issued when David Neeleman was a shareholder in both companies.

Azul's institutional and corporate vice-president, Fábio Campos, stated in Lisbon that the company expects to recover the funds through the judicial process. Azul contends that the insolvency of TAP SGPS was strategically managed to avoid debt repayment, alleging that assets were moved to TAP SA to shield them.

This follows a recent opinion from the Public Ministry, which classified the insolvency of the former TAP SGPS as fortuitous rather than culpable, contradicting Azul's legal arguments. Despite the ongoing litigation, Campos emphasized that the commercial partnership between Azul and TAP remains unaffected.