In a historic decision on December 15, 2023, the National Court, led by Justice Hartshorn, unequivocally approved PNG Air's scheme of arrangement under Part XVI of the Companies Act 1997.
This milestone approval, obtained without qualification, signals a transformative leap in the airline's trajectory.
The approved scheme empowers PNG Air to meticulously restructure its debts, a process outlined over the past 12 months. Prioritizing a sustainable business plan, the airline now gears up for a robust and secure future.
The swift effectiveness post-National Court approval highlights the expeditious nature of the proceedings.
With legal groundwork laid, PNG Air is set for strategic planning, focusing on fleet expansion and rejuvenation through the acquisition of modern aircraft.
This strategic move aims to solidify PNG Air's position as the preferred domestic carrier, reflecting the company's commitment to evolving with aviation industry demands.
Integral to this trajectory is PNG Air's gratitude towards major creditors and the wider community.
Collective support played a pivotal role in facilitating the restructuring, and the airline acknowledges the continued backing from the people of Papua New Guinea.
Looking forward, PNG Air reaffirms its commitment to surpassing customer expectations.
Pledging safe, reliable air transport with quality service at competitive prices, the airline navigates this transformative phase with heartfelt thanks to the nation for unwavering support. The journey ahead is one of anticipation and strategic growth.