About

Portuguese flag carrier airline TAP has been through some challenging times in recent years but looks to have turned a corner under new ownership. In 2015, Atlantic Gateway, a consortium led by JetBlue founder David Neeleman, purchased a controlling stake in TAP from the Portuguese government. The downturn in the Lusosphere – with both Brazil and Angola suffering from commodity price falls – also damaged TAP’s profitability in its major markets. A number of nominators said TAP’s Portuguese legal team had demonstrated admirable calm during this situation, dealing with the intense amount of work thrown at them while also keeping an eye on the airline’s day-to-day operations. However, TAP’s fortunes have recently been revived. Due to European state aid rules the government had been prevented from investing into the airline, leaving its fleet uncompetitive compared to that of rivals. Under new ownership it has ordered over 50 new Airbus jet aircraft, added a number of new European destinations and increased its trans-Atlantic expansion plans, focusing on North America rather than its traditional core market of Brazil. China-based operator Hainan Airlines will also take a 23% stake in TAP after announcing it will purchase €30m of bonds from David Neeleman-founded Azul Brazilian Airlines, helping to complete an intense 24 months for the legal team.