PIA clarifies no debt clearance yet

April 04, 2024 (MLN): Pakistan International Airlines Corp (PSX: PIAA) on Thursday categorically clarified that the company officially denied shifting loans and clearing off debts as of yet. 

This clarification came when the news reports were in circulation on "PIA's Liabilities, Debt Cleared".

The company is of the view that this news was probably extracted out of the PR released by the Privatization Commission along with the advertisement for PIA's divestment, the Scheme of Arrangement (SOA) and the Teaser that was released on the Privatization Commission's website, a few days ago.

The Scheme of Arrangement has spelt out the shifting of PIACL's debt onto the newly formed Holding Company, from which the news was made, without considering any other factors.

"It is reiterated that the media coverage on PIA's restructuring will keep on circulating for times to come, despite no official statement from the company as the sources of such information will be the Government quarters concerned," the notice reads.

Since the matter is of public interest and the government is keen to push it, this implies that the media will continue to follow it, it further added. 

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