The Public Prosecutor's Office issued an opinion concluding that the insolvency of the former TAP SGPS, now called Siavilo, was accidental and not culpable, contradicting the position of Brazilian airline Azul, which demands payment of a debt of 189 million euros. The insolvency administrators of Siavilo had already reached the same conclusion in May 2026. The final decision on the qualification of the insolvency will now rest with the court, which may decide immediately or notify the debtor and potentially affected parties beforehand.
Azul filed a lawsuit in November 2025 at the Lisbon Commercial Court arguing that the insolvency should be considered culpable. The Brazilian company argues that the withdrawal of assets from TAP SGPS, including stakes in TAP SA, Portugália and Cateringpor, and the insolvency itself of the holding are part of a plan designed to frustrate the payment of its claims. Azul also invokes that TAP did not constitute the guarantee package provided for in the bond issuance contract, also requesting that the formal separation between TAP SGPS and TAP SA be disregarded, considering they operated as a single entity.
The debt in question dates back to 2016, when Azul and Parpública lent, respectively, 90 and 30 million euros to TAP SGPS as part of the recapitalization plan agreed in the previous privatization. At the time, David Neeleman was simultaneously the largest shareholder of TAP, through Atlantic Gateway, and owner and chairman of Azul. The bonds mature in March 2026, with a compound interest of 7.5%. In November 2024, TAP SA and Siavilo filed a lawsuit against Azul requesting that the bond loan be considered a loan contract, subject to the total losses incurred by shareholders.
It was TAP itself that requested the insolvency of Siavilo, which was decreed in August last year by the Lisbon District Court. Creditors claim approximately 1.35 billion euros from the holding, of which 1.11 billion are debts to TAP. In October, the liquidation of the company was
