Cape Verde State-own Company TACV Cabo Verde Airlines plans to cut down jobs by 25% in the framework of restructuring plan, Reuters reported on March 7, citing one of the firm’s officials. “Under restructuring which should end in December 2016, we will cut off 120 jobs, out of a total of 510,” said the Company’s Managing Director, Joao Pereira Silva.

“Cutting jobs is a must if we want the firm to generate more profit,” he added.

For many years now, TACV Cabo Verde Airlines has been in the red and survives only on State subsidy. Last month, one of the firm’s aircrafts was blocked in Netherlands as charter Company AerCap demanded payment of due debts.

According to Silva, the restructuring plan, which plans for full review of the 18 destinations the company serves, aims to reduce its debt and make it more attractive to investors.