Africa-Press – Cape verde. The government of Cape Verde announced today, in a statement, that it has reached an agreement to resolve the debt problem between TACV and the Icelanders, after the problem generated after the renationalization of the company, which ended up in court, with the arrest of the boeing which was still attached to the company, as you know, parked at the Sal sign, just over a year ago.
According to the Executive, on 5 November 2021, Loftleidir Cabo Verde (privatisation partner) filed a lawsuit with the International Arbitration Court, against the Government and TACV, alleging non-compliance with the Resolution Agreement, requesting payment of the entire debt before restructuring and claims. As a result, the Government says it has set up a team of lawyers to defend itself against Lofltleidir Cape Verde’s allegations.
But, as the Communiqué, which has reached our wording, explains, “in view of the escalation of costs and the risks that arise from an arbitration process and with the aim of finding a negotiated solution, the parties initiated, in parallel, actions with a view to a solution negotiated, on the basis of the Resolution Agreement and safeguarding the interests of the company”.
“Long Negotiations”
This is how on May 5, 2022, “after long negotiations”, the Government says that together with TACV and Loftleidir Cabo Verde “they reached” an agreement that allowed to maintain all the negotiated conditions in terms of reducing TACV’s debts. .
“Also reducing the outstanding debt balance of TACV with the Icelandair Group from 2.07 million USD to 1.46 million USD”, they guarantee. Icelandiar assumes costs of withdrawing the plane from Sal
With this negotiation, a Settlement and Release Agreement was signed, in which TACV’s debts “were fully settled before the Icelandair Group and TACV’s debts to ASA and CVH would be assumed and resolved by TACV”.
On the other hand, the Icelandair Group, says the Government, “would pay the 461 thousand USD corresponding to the part of the value of the 51% of the shares not yet paid” and “none of the parties would claim civilly for any possible debt or inherent indemnity and the process with the International Court of Arbitration, the precautionary measure for the arrest of the plane by the ASA and CVH, as well as any and all other civil proceedings pending before the Cape Verde court brought by any of the parties or associates, would be withdrawn”.
The Icelandair Group, the document adds, would be “responsible for the maintenance of the plane and preparing all the conditions for its departure from Cape Verde, assuming all the inherent costs”. renationalization
It is recalled that on July 6, 2021, the Government, even after several guarantees injected into the company in recent years, “in the face of facts in the governance of TACV that could jeopardize the sustainability of the Resolution Agreement”, decided, through the Decree-Law number 50/2021 and “out of a strict need to defend the public interest and the strategic importance of the air transport sector”, revert to the State of Cabo Verde the 51% of the shares that belonged to Loftleidir Cabo Verde.
Now, after attempts at a new recovery, TACV has been banned from flying to Europe by the European Aviation Safety Agency (EASA), a fact that has already forced the company to rent a plane to make connections to and from Lisbon. , Portugal.
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