TAP Portugal works to preserve cash

In an operational update for the first half of 2020, TAP Portugal disclosed that the airline was taking a series of actions to mitigate the adverse impact of the COVID-19 pandemic as well as preserving cash. As well as reducing non-critical capital expenditure (capex) and a freeze on hiring and temporary unpaid employee leave. These measures have also included deferring payment and adjusting lease rentals by negotiation with lessors. The airline also confirmed that has agreed to defer 15 deliveries from Airbus, reducing CAPEX in the years 2020-2022 by US$1bn. TAP will take just one A320neo family aircraft in 2020