Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Groundforce, a subsidiary of TAP Portugal that provides aircraft handling services within the country, has faced insolvency and is undergoing a restructuring process. The insolvency plan includes several measures, among which the termination of employment contracts for approximately 300 employees within a two year period following the approval of the plan.
In an official statement, the insolvency administrators guaranteed that the recovery plan fully respects the rights of the workers.
The company is owned by TAP and Ana-Aeroportos de Portugal. The plan also foresees that, in the initial phase, TAP will remain a shareholder in the handling company (with 49.9% of the capital) and the rest of the capital will fall to Menzies Aviation.
Eurofound (2023), Groundforce, Internal restructuring in Portugal, factsheet number 200347, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200347.