3:26:32 PM | 7/8/2005
Pacific Airlines (PA) has reported its business operations have improved after the Ministry of Finance took over the lion share of stocks in
The Ministry of Finance has begun comparing domestic and foreign debt through a Singaporean auditor for Pacific Airlines, according to Deputy Finance Minister Le Thi Bang Tam.
Once complete, the ministry will freeze old debts for settlement and negotiate with foreign partners to settle financial issues.
The ministry will then design a restructuring scheme and a new business strategy for the ailing airline in a bid to attract investors
In late January, the ministry announced that it was considering a plan to sell part of its 86.49 per cent stakes in PA to foreign investors when the loss-making carrier goes into stable operation.
The carrier needs at least US$15 million to escape current financial troubles and develop, according to Luong The Phuc, PA’s executive board chairman.
After 10 years of operation, Pacific Airlines has racked up losses of over VND215 billion (US$13.7 million).
The carrier is now operating four Airbus aircraft A310-300, A321-200 and A310-600 on domestic routes linking
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