The Romanian National Air Transport Company - TAROM announces the signing of the Letters of Intent, after receiving the approval of the Board of Directors and the General Meeting of Shareholders, for the purchase of two new Boeing 737 Max aircraft on lease, with delivery in August 2025.
The move is part of the company's recovery plan, which mainly aims at renewing the fleet, commercial optimization measures (the launch of the 2024 summer schedule, which aims to better serve the domestic market routes and increase the utilization rate of the current aircraft), supporting Romania's participation in the major sporting events of 2024, organizational efficiency measures and cost optimization measures. The delivery of the first two new aircraft, in 2025, is part of the assumed long-term plan for the modernization and development of the company.
TAROM enters the right line in the procedure for approval by the European Commission of the recovery plan
The operational performances in the last months of 2023, which contributed to the consolidation of the flow of own funds generated by the company, convinced both the General Meeting of TAROM Shareholders, which approved the signing of the letters of intent, and the Competition Council, which is involved in validating the fulfillment of to the company of the compensatory measures necessary to prevent the distortion of the competitive environment in the aviation industry, with the receipt of state aid in February 2020.
By securing the two aircraft, which will be formalized through the leasing contracts, the conditions requested by the European Commission for the approval of state aid for restructuring will have been met. The commission was informed about the conclusion of the discussions regarding the two aircraft and implicitly about the securing of TAROM's equity contribution, as part of the restructuring plan.
Also, the Commission's last questions regarding the recovery plan were clarified, its updated version being sent to Brussels through the Ministry of Transport and the Competition Council.
At this moment, TAROM enters the right line in the procedure for approval by the European Commission of the company's recovery plan, fulfilling the necessary conditions to benefit from the restructuring aid.