A Vietnamese airline returns all its planes to clear its debt.

On the afternoon of March 18, some passengers contacted airline ticket agencies to buy tickets for the summer peak season but were only quoted prices for flights from Vietnam Airlines, Vietjet, Bamboo Airways and Vietravel Airlines. Most of the summer flight networks do not have any flights operated by Pacific Airlines.

According to a survey, on all online airline ticket sales sites as well as on the official website of Vietnam Airlines, all flights from today (March 18) no longer display the name Pacific Airlines.

Thanh Nien 's private source said that due to the very serious financial situation, cash flow shortage, large overdue debt threatening to default, Vietnam Airlines and its shareholders have decided to pay off the entire fleet of Pacific Airlines to clear the debt. Today (March 18) is also the day the airline's last plane leaves Vietnam.

To avoid market disruption in the coming time, Pacific Airlines will lease dry aircraft from Vietnam Airlines to maintain AOC (aircraft operating certificate).

Vietnam Airlines has yet to officially announce its plans to maintain Pacific Airlines' operations in the near future, nor the outcome of negotiations to return the aircraft. However, it is estimated that the return of the entire fleet by the leasing companies could help Pacific Airlines clear its "huge" debt of several hundred million USD.

Pacific Airlines is the first low-cost airline in Vietnam, which was invested by Australia's Qantas Group. In October 2020, Qantas Group completed procedures to withdraw from Pacific Airlines and transferred 30% of its shares to Vietnam Airlines as a gift. By the first quarter of 2022, this deal was completed and Vietnam Airlines has held nearly 99% of Pacific Airlines' shares since then.

According to Vietnam Airlines' annual report, in 2022, Pacific Airlines recorded total revenue in 2022 of nearly VND 3,487 billion, pre-tax loss of VND 2,096 billion, a loss of VND 212 billion compared to 2021.

According to our data for the period 2009 - 2021, Pacific Airlines only made a profit in 3 years while the remaining 14 years were losses.

With 3 consecutive years of losses of over 2,000 billion VND/year since the Covid-19 period, it is estimated that Pacific Airlines' accumulated loss by the end of 2022 has reached over 10,700 billion VND and negative equity of 6,700 billion VND.

Source link: https://thanhnien.vn/cuc-soc-mot-hang-hang-khong-viet-nam-tra-toan-bo-may-bay-de-xoa-no-185240318144109873.htm