After eleven months of grounding, Cabo Verde Airlines is no longer able to pay its employees' wages. For this reason, the state grants another loan, which is paid out through the Caixa Económica de Cabo Verde. The amount of the emergency loan amounts to the equivalent of 1,2 million US dollars.
According to an official declaration by Finance Minister José Ulisses de Pina Correia e Silva, the term of the state-guaranteed loan is 12 months. The total volume granted to Cabo Verde Airlines is US $ 3,4 million. Part of the loan was also used to maintain the parked Boeing 757-200s.
Cabo Verde Airlines operated the last commercial flight on March 18, 2020. Due to the tough entry and quarantine regulations, air traffic has been suspended since then. The carrier was only saved from bankruptcy because the state had given guarantees for a total of three loans. An exact date for the resumption of flight operations has not yet been set. In any case, it is emphasized that various contracts were renegotiated in order to be able to lower costs.