Portuguese airline gets OK for $2.9 billion recovery plan

LISBON, Portugal (AP) — European Union authorities have approved a rescue plan for TAP Air Portugal, which is getting government aid worth 2.55 billion euros ($2.9 billion) to help the flag carrier restructure its operations. In return, TAP will have to give up some of its slots at Lisbon airport and sell off some of its assets, including catering and baggage handling companies in Portugal. The European Commission also allowed the government to give the airline just over 100 million euros ($113 million) to compensate for lost business due to the COVID-19 pandemic, which has crunched travel businesses. TAP flies to more than 80 destinations in about 30 countries.