Cabo Verde’s flagship airline of Cape Verde sells aircraft to pay debts

5 November 2014

Cabo Verde’s (Cape Verde’s) flagship airline TACV has completed the sale and subsequent rental of two ATR 72 aircraft from its fleet to pay overdue debts, the company said in a statement Tuesday.

The statement said that the sale of two ATR aircraft is part of the organisational and financial restructuring of TACV which was prepared in mid-2012 and implemented in 2013. This sale, it said, allowed for “a cash inflow for the settlement of debts on long overdue loans taken on when purchasing (these aircraft). ”

“The first significant action was the return of one of the Boeings, which generated immediate savings of US$400,000,” said the statement cited by Cape Verdean weekly newspaper A Semana.

With this sale, the company is now left with just two Boeings (757 and 737) and one ATR 42.

The Minister of Infrastructure and Maritime Economy, Sara Lopes, said recently in Lisbon that TACV should be privatised “by mid-2015,” and had only not been privatised previously, “due to its economic and financial situation.” (macauhub/CV)