Airline to release financial statements after debts restructuring

THE audited financial statements of PNG Air Ltd for 2019 and 2020 will be released after the completion of the restructuring of the airline’s external debts, according to the airline.
But acting chief executive officer Stanley Stevens said considerable progress had been made in finalising the financial statements.
“Unfortunately, the release of the audited financial statements for those years is delayed pending completion of a restructuring of PNG Air’s external debts,” Stevens said.
“This restructuring will significantly improve PNG Air’s financial position and will allow it to move forward with various growth initiatives.
“The restructuring has been necessitated by the reduction in aviation revenue associated with the Covid-19 pandemic and the generally depressed state of the PNG economy.
“The re-structuring is well advanced and PNG Air is receiving co-operation from its various creditors.”
Stevens said the company expected the exercise to be completed by the end of next month.
Then the 2019 and 2020 audited financial statements will be completed and released to the market, he added.
“An additional complication affecting the release of the 2020 financial statements, has been the need for PNG Air to appoint a new auditor.
“PNG Air’s current auditor, Deloittes, has reached the end of its maximum audit engagement.
“PNG Air will now appoint a new auditor,” he said.