Pacific Airlines has no more planes, waiting for Vietnam Airlines support

Pacific Airlines has no more planes, waiting for support from Vietnam Airlines - Photo: BL

Return all aircraft, temporarily suspend flights with Pacific Airlines brand

From March 15 to March 18, Pacific Airlines' operations were suspended due to a lack of aircraft. The reason was that the airline had completed payments and debt repayments to the aircraft owners. The pressure of debts from the previous period, even more intense during the pandemic, made revenue insufficient to cover expenses, and the more flights, the more losses.

Recently, the leaders of Pacific Airlines have continuously negotiated to extend and postpone debt payments with aircraft owners, and have basically reached many important agreements to reduce debt pressure.

As of March 15, according to the agreement, the two sides agreed to stop operating 5 aircraft under the Pacific Airlines brand in Vietnam and complete the return of the aircraft, expected from March 22.

Since its establishment, Pacific Airlines has faced many difficulties in its business operations. In 1991, Pacific Airlines was established with shareholders being state-owned enterprises. In 2007, Qantas Group bought 30% of Pacific Airlines shares and the airline changed its name to Jetstar Pacific Airlines.

By 2012, the State Capital Investment Corporation (SCIC) had transferred 68% of its capital at Jetstar Pacific to Vietnam Airlines. By July 2020, Jetstar Pacific returned to its birth name Pacific Airlines.

In the first quarter of 2022, Vietnam Airlines received 30% of the shares donated by Qantas, so it holds nearly 99% of Pacific Airlines' capital, the remaining 1% belongs to another shareholder.

Vietnam Airlines "dispatches" aircraft to maintain Pacific Airlines operations

Speaking with Tuoi Tre Online, Vietnam Airlines leaders confirmed that Pacific Airlines is restructuring its fleet to increase efficiency and optimize costs.

During this period, Vietnam Airlines will maintain necessary support by providing aircraft support, including the ability to "dispatch" wet-lease aircraft (lease aircraft and crew) of Vietnam Airlines to support Pacific Airlines' customers.

However, according to Tuoi Tre Online 's source, a more fundamental solution to maintaining the operational apparatus of an airline, especially the license for Pacific Airlines, is that the "parent" airline, Vietnam Airlines, is urgently proceeding to dry-lease (lease the aircraft, without the flight crew) 3 Airbus A321 aircraft to Pacific Airlines.

However, the time for Pacific Airlines to receive 3 dry leased aircraft from Vietnam Airlines with rental price and operation plan is still being calculated.

Regarding the affected customers, a representative of Pacific Airlines confirmed to Tuoi Tre Online that it was pre-calculated. The airline has transferred all Pacific Airlines customers to Vietnam Airlines planes, and so far no customers have been affected.

The adjustment of the fleet, according to Pacific Airlines, is a short-term measure for comprehensive restructuring, and the information about the airline going bankrupt is unfounded. The airline is still making efforts to restructure, looking for potential investors, and will take off again as soon as possible.

Source: https://tuoitre.vn/pacific-airlines-khong-con-may-bay-cho-vietnam-airlines-ho-tro-20240318154918492.htm