The meeting was also attended by the secretaries of aviation division, privatization commission, privatization division and finance division. Ernst & Young (EY) team which is a steering group leading this process recapitulated the restructuring and segregation plan being carried out by the approval of cabinet on country's biggest privatization.
The Scheme of arrangements was presented to the forum and financial advisors highlighted different pre bidding and post bidding areas of concerns about core assets and liabilities and non core assets and liabilities and it's phase wise solutions were recounted to the forum. The challenges and risks including debt reprofiling with commercial banks, six month cash flow plan and transfer of liabilities to hold co. were also thoroughly discussed.
Federal Minister for Aviation Khawaja Muhammed Asif hoped that European Union Aviation Safety Agency (EASA) clearance to PIA in mid of may this year would make this entity more valuable and attractive for potential bidders. He also expressed his hope, based on conversations with the quarters concerned, for resumption of flights for UK soon.
Federal minister for Privatization Abdul Aleem Khan emphasized to swiftly complete the process adding that the timely decisions in businesses have key importance for significant success.
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