Official information about no more aircraft serving passengers, Pacific Airlines representative said on the afternoon of March 18 that the airline is restructuring its fleet and flight network to ensure and increase operational efficiency.

During this time, some routes may change plans or temporarily suspend operations. The airline's flight schedule will be restored and return to normal soon.

“The airline has also developed and implemented a plan to best ensure the interests of passengers. Affected passengers will be notified of new flight schedules or transferred to Vietnam Airlines flights,” the airline said.

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Affected passengers will be notified by Pacific Airlines of new flight schedules or transferred to Vietnam Airlines flights. Photo: Ministry of Transport

According to the fleet restructuring roadmap, Pacific Airlines will lease aircraft from Vietnam Airlines to improve the airline's operational efficiency, as well as optimize resources within VNA Group. The two sides have discussed and are finalizing the final procedures to complete the agreement, soon putting the aircraft into operation to serve passengers.

At the same time, Pacific Airlines will receive support and coordination from Vietnam Airlines in sharing some infrastructure and passenger service resources such as check-in counters and ground service vehicles, a Pacific Airlines representative informed.

The representative of Vietnam's first low-cost airline also emphasized that corporate restructuring is one of the effective self-solutions, applied by many airlines in the world and Vietnam in the context of the Covid-19 pandemic leaving serious and prolonged consequences for the aviation industry.

This activity is considered necessary for Pacific Airlines to recover effectively, adapt quickly to the new environment and develop stably in the future.

Due to the impact of the Covid-19 pandemic, Pacific Airlines is facing financial difficulties, cash flow shortages, large overdue debts threatening to lose its ability to pay. Specifically, Pacific Airlines' estimated accumulated loss by the end of 2022 is more than VND 10,700 billion and negative equity is VND 6,700 billion.

Faced with the above situation, Vietnam Airlines and its shareholders have decided to return all of Pacific Airlines’ aircraft to clear the debt. Today, the airline’s last aircraft has left Vietnam.

After several unsuccessful restructuring attempts, the Australian national airline Qantas Group chose to withdraw and give away 30% of its shares in Pacific Airlines to Vietnam Airlines. To date, Vietnam Airlines holds 98% of Pacific Airlines shares.

Also related to this issue, speaking with PV. VietNamNet, Director of the Civil Aviation Authority of Vietnam Dinh Viet Thang confirmed that today (March 18), Pacific Airlines no longer has any aircraft to operate. Currently, Vietnam Airlines is arranging for Pacific Airlines to dry lease 3 of its aircraft.