PIA seeks Rs.20 bln bailout package

Nov 30, -0001
Staff ReportedISLAMABAD: National flag carrier, PIA, has moved the federal government for providing the corporation with a bailout package of Rs.20 billion, however, the latter has linked the financial assistance to the condition of ‘performance improvement’ or ‘restructuring’ of PIA, SAMAA reported Saturday.It may be mentioned here that at least seven flights were canceled while 24 hit long delays on Friday. At the moment, the national airline is combating an acute deficit of more than Rs.130 billion.Earlier, the incumbent Managing Director (MD) had claimed to avert financial crunch through orchestrating strategy instead of bailout package but the claimed never came true. SAMAA

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