The Judicial Court of the District of Lisbon ruled this Wednesday the insolvency of SPdH (Groundforce), announced TAP, which had made a request in this regard, on May 10, according to a statement.
The Judicial Court of the Judicial District of Lisbon decreed Groundforce’s insolvency, following a request from TAP, announced the airline in a statement published by the Portuguese Securities Market Commission (CMVM).
“The declaration of insolvency of SPdH – Serviços Portugueses de Handling, SA (Groundforce), issued today by the Lisbon Commercial Courts of the Judicial Court of the District of Lisbon, is, for TAP, the transitional solution that better restores confidence in Groundforce’s management”, said the company, in the same note.
“The company emphasizes that this Court decision does not, in itself, determine the automatic termination of employment contracts of SPdH workers nor the suspension of contracts for the permanent provision of services by Groundforce, including ground handling services to TAP ”, guaranteed.
“This decision results from the request made on May 10th, by TAP, SA, as creditor, with the objective of seeking to safeguard the viability and sustainability of the ‘handling’ company, ensuring its operational activity at Portuguese airports”, said the airline.
In addition, TAP says that, “if this proves feasible, the possibility of continuing the activity of SPdH can be assessed in the context of the insolvency process, and creditors can decide to approve a recovery plan for this company”.
“Without prejudice to the possibility of challenging the sentence under the terms provided for by law, the insolvency process will follow the procedure itself”, indicated the carrier.
TAP guarantees that “it will continue to look after the defense of its best interests” and that it remains “committed to working on solutions that ensure Groundforce’s operational response capacity and financial sustainability”.
In an email sent to workers to “clarify” the process, TAP CEO Christine Ourmières-Widener reaffirms that insolvency does not “in itself” determine the termination of contracts and that the company “will continue to provide its services”, she writes the Watcher.
Christine Ourmières-Widener adds that the solution is that “it better protects the generality of the stakeholders, including its workers”.