The Portuguese government, through the state-owned assets oversight board (Direção Geral do Tesouro e Finanças – DGTF), has approved a reduction in the share capital of TAP Air Portugal (TP, Lisbon) by two-thirds from its current EUR980 million euros (USD1.05 billion) to EUR313.6 million (USD337.8 million) to absorb losses and restructure its financial obligations.

The majority state-owned carrier said in a market note that the reduction will be achieved by lowering the nominal value of TAP’s shares from EUR5.00 euros…

Source: ch aviation
Read more: Lisbon approves TAP share capital reduction