PNG Air Receives Prestigious Restructuring Airline Award for 2024
PNG Air has been named the Restructuring Airline of the Year for 2024 at the Airline Economics conference awards ceremony held in Singapore on November 5, 2024. The award, decided by a panel of global industry representatives, acknowledges PNG Air’s significant achievements in navigating post-COVID restructuring challenges alongside notable carriers such as Philippine Airlines and Hong Kong Airlines.
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| PNG Air Receives Prestigious Restructuring Airline Award for 2024 [Photo supplied] |
The airline’s restructuring journey began with a landmark decision by the National Court of Papua New Guinea on December 15, 2023, which approved PNG Air’s Creditor Scheme of Arrangement under Part XVI of the Companies Act 1997. This was the first initiative of its kind in the country and enabled PNG Air to restructure its debts while continuing operations, safeguarding the nation’s two-airline policy.
Unlike government-supported airlines, PNG Air relied heavily on the backing of shareholders and creditors, both domestic and international, to successfully execute its restructuring plan. The company extended its gratitude to stakeholders for their unwavering support, which played a critical role in this achievement.
The restructuring plan was praised for its comprehensive scope, addressing not only financial and legal issues but also workplace culture, skills development, and operational enhancements. The initiative aimed to ensure sustainable growth and a secure future for PNG Air’s workforce while delivering safe and reliable services to customers.
Looking ahead, PNG Air is preparing for fleet expansion with the acquisition of modern aircraft. This aligns with its sustainable business plan, which focuses on maintaining competitive prices, ensuring high-quality service, and fulfilling its vision of becoming Papua New Guinea’s first-choice domestic airline.
PNG Air’s recognition on a global stage marks a pivotal moment in its history, underscoring its commitment to excellence and resilience in the aviation industry.
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