newstodate.aero

Mar 25, 2021 (newstodate): The cooperation between Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde remains in turbulence.
   In March 2021, the Icelandic partner Loftleidir CaboVerde and the country's government signed a six-point agreement comprising a plan for recapitalizing the ailing airline by loans, guarantees and reduction of debts; a new five-member Board of Directors with three appointed by Loftleidir Cabo Verde and two by the government; and decision on fleet and leasing contracts as well as working out a new business plan to be approved by at least four out of the five Directors.
   The parties would then renegotiate the leasing terms for the three Boeing 757-200 aircraft owned by Icelandair Group and allocated to TACV.
   However, one of the two Boeing 757-200 aircraft slated to return to Cabo Verde on March 13, 2021, has still not been delivered, remaining instead in Icelandic hands.
   According to media in Cabo Verde, the Icelandic partner fears that the country's new Prime Minister, Ulisses Correia e Silva, may realize his threats of nationalizing the airline which would endanger the status of the Icelandic-owned assets.