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Saturday, July 20, 2024

Pacific Airlines undergoes restructuring

The Saigon Times

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HCMC – Given its protracted financial woes, Pacific Airlines is working on a restructuring plan, which includes leasing aircraft from its parent company Vietnam Airlines and sharing facilities with the national flag carrier.

The airline said that the restructuring is aimed at improving its performance.

The local media reported yesterday that Pacific Airlines had returned all the jetliners to aircraft leasing firms.

Last year aircraft leasing companies asked the airline to make payments but the local carrier was in financial distress.

A news report on Dan Tri news website quoted a Pacific Airlines official as saying that aircraft lessors had written off around US$220 million owed by the airline provided that all the planes are returned to the lessors.

Some of its air services may be rescheduled or temporarily suspended. Affected passengers will be notified of schedule changes and will be accommodated on flights operated by Vietnam Airlines.

Pacific Airlines will lease aircraft from its parent company, Vietnam Airlines, leveraging the resources of the Vietnam Airlines Group.

Discussions between the two parties have been finalized, paving the way for Pacific Airlines to resume its services in the near future.

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