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Jan 10, 2020 (newstodate): Despite new ownership and under a new management, Cabo Verde Airlines is still struggling with its financial situation.
The carrier was not able to pay its employees in December 2020 due to lack of liquidity, Cabo Verde media reports in an interview with Jens Bjarnason, Cabo Verde Airlines CEO and President.
In 2017, Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde inked a management agreement on the restructuring of the loss-making TACV Cabo Verde Airlines, and in March 2019, Loftleidir Cabo Verde, owned 70 percent by Loftleidir Icelandic ehf, and 30 percent by Icelandic investors, acquired 51 percent of Cabo Verde Airlines.
Based on these new conditions, Capo Verde Airlines in 2019 launched flights to new destinations Lagos in Nigeria, Luanda in Angola, Porto Alegre in Brazil and Washington in the United States, bringing the number of destinations in Europe, Africa and South and North America to thirteen.
The airline has also expanded its aircraft fleet from three to five Boeing 757-200 aircraft sourced from Icelandair, one Boeing 737-300 and one ATR-42-300, and plans to have a total of 12 aircraft in the fleet by 2023.
The carrier was not able to pay its employees in December 2020 due to lack of liquidity, Cabo Verde media reports in an interview with Jens Bjarnason, Cabo Verde Airlines CEO and President.
In 2017, Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde inked a management agreement on the restructuring of the loss-making TACV Cabo Verde Airlines, and in March 2019, Loftleidir Cabo Verde, owned 70 percent by Loftleidir Icelandic ehf, and 30 percent by Icelandic investors, acquired 51 percent of Cabo Verde Airlines.
Based on these new conditions, Capo Verde Airlines in 2019 launched flights to new destinations Lagos in Nigeria, Luanda in Angola, Porto Alegre in Brazil and Washington in the United States, bringing the number of destinations in Europe, Africa and South and North America to thirteen.
The airline has also expanded its aircraft fleet from three to five Boeing 757-200 aircraft sourced from Icelandair, one Boeing 737-300 and one ATR-42-300, and plans to have a total of 12 aircraft in the fleet by 2023.