PIA to be bailed out, again

admin
By admin March 14, 2016 13:48

PIA to be bailed out, again

The Pakistan government is reported to be finalising another bailout package for Pakistan International Airlines to meet its debt obligations and keep flying. Such a bailout package would be in the region of Rs24bn. PIA needs Rs26bn to repay old debts and meet working capital requirements. A debt payment by PIA is due this week to the Export-Import Bank – the airline needs the package to be approved by then to avoid a default.

In the nine months to September 2015, PIA sustained Rs20.6 billion in additional losses, with losses for the final quarter of the year expected to have pushed that loss upwards to Rs27 billion.

admin
By admin March 14, 2016 13:48