Shareholders of Brazilian carrier Azul have approved in the agreement to leave TAP, including the elimination of rights to convert bonds into shares.
The elimination of the rights to convert the bonds relating to the loan of €90 million by Azul to TAP in 2016 and the sale of Global AzurAir Projects’ position in TAP for “a total amount of at least €10.5 million” were approved.
The sale is part of an agreement by the Portuguese government to inject €1.2 billion in TAP, which has been approved by the European Commission, this saw it acquire 72.5% of the capital of the Portuguese airline for €55 million.
Azul’s exit means the shareholders of TAP, and the consortium Atlantic Gateway, which is