SATA will not be able to pay Christmas subsidies to its 1600 workers within the expected deadlines and will proceed with a phased payment in two parts. The company informed workers this Thursday, 27th, that it will have to pay 6.5 million euros to remove a plane from the fleet, which prevents it from meeting its salary commitments.
“The unpostponable final payment of 6.5 million euros inherent to the early phase out of the A330-200 aircraft, CS TRY, severely impacting the company’s treasury, conditions the transfer of the Christmas subsidy”, says the company in an internal statement to which DN had access.
Phase out is a process that corresponds to the withdrawal of an aircraft from the fleet under a leasing contract, in this case, before the scheduled date. This process involves costs that may be associated with compensation for early return as well as expenses associated with mandatory maintenance before return.
SATA’s board of directors states that the payment for the 14th month will be made, in this way, in two installments: “the first due in November, corresponding to 30% of the subsidy, worth no less than 522.50 euros, ensuring the processing of the second installment in the remaining amount by December 15th”.
In the same communication, which reached workers by email, SATA “regrets the situation” and also asks for “better understanding”.
Remember that this week the Regional Government of the Azores approved a guarantee of 10 million euros for SATA, so that the company can obtain a loan to reinforce its treasury.