SATA Holding has fixed 21 September 2026 as the deadline for submitting non-binding proposals to privatize at least 75% of Azores Airlines equity, marking the formal entry into the second phase of a private negotiation process mandated by the European Commission. Interested parties must file the Suitability and Compliance Form, financial capacity declaration, and effective interest statement by 6 September 2026, fifteen days prior to the proposal cutoff. The sale, targeting a majority stake to secure financial autonomy and end regional subsidy reliance, must conclude by 31 December 2026 under extended EU state aid conditions. Six to eight investors, including Binter Canarias and Icelandair, have expressed informal interest ahead of binding offers, though no final buyer has been selected and the minimum bid price remains undisclosed.