The privatization of Azores Airlines is moving forward, with its parent company SATA (Sociedade Açoreana de Transportes Aéreos) having received five non-binding proposals for the sale of at least 75% of the airline’s shares. The initial shortlist of six candidates was announced on September 16, 2026, and since then, five potential buyers have submitted their offers, according to RTP, Portugal’s public television. The names of the candidates have not been revealed by SATA, which is owned by the regional government of the Azores archipelago in the Atlantic Ocean. The non-binding offers allow interested parties to express their interest without making a formal commitment to purchase. According to the economic news outlet ECO, the proposals must include the price offered for the shares, the amount intended to help restore the airline’s finances, and how the buyer would fund the purchase. The candidates must also submit a plan outlining how they intend to run the company strategically. The sale is not just about the financial aspects, as Azores Airlines plays a crucial role in connecting the Azores archipelago to mainland Portugal and other international destinations like Europe, North America, and Cape Verde. The buyers must explain how they plan to support the Azores’ role as a transportation hub and maintain links with the Azorean communities living abroad. The proposals received will be "analyzed and evaluated in accordance with the specifications," according to a statement by SATA reported by RTP. After this evaluation, the group will choose which candidates will be invited to make binding offers. An independent economist, Augusto Mateus, will also review the evaluation process to ensure transparency. The sale of Azores Airlines is part of a broader restructuring plan for the SATA group, approved by the European Commission in 2022. This plan includes a public aid package of 453.25 million euros, following the economic challenges caused by the Covid-19 pandemic. The Commission had required the sale of a controlling stake in the airline and the separation of its ground handling operations. In January 2026, the deadline for the sale was extended to December 31, 2026. SATA is now aiming to sell more than the initial European threshold of 51%, targeting at least 75% of Azores Airlines. This new procedure follows the transfer of the airline’s historical debts to a holding company, which is expected to make the investment more appealing. Financial recovery remains a key concern, with Azores Airlines reporting a reduced net loss of 37.1 million euros in the first half of 2026, compared to 41.1 million euros the previous year. For a future buyer, the challenge will be to restore the airline’s finances, ensure its long-term economic viability, and maintain its essential connections to the Azores.