Portugal's government says Latin American company Synergy Aerospace is the only candidate in the running to buy state airline TAP Air Portugal.

The government announced Thursday that the company was the only one out of 13 initial interested companies that passed to the second phase of the privatization process.

The government has set a number of conditions on the sale, including maintaining the flag carrier's hub in Lisbon.

Secretary of state for transport Sergio Monteiro declined to discuss the possible sale price, which will be negotiated.

TAP recorded losses of €76.8 million ($101 million) in 2011 and had net debt of €1.2 billion. The airline's main appeal is its more than 70 weekly flights from Portugal to Brazil and about the same number to Africa.

Synergy Aerospace owns Colombia's Avianca.