Pakistan okays $105 million debt settlement for PIA-owned Roosevelt Hotel

[Kailash Kumar]

Pakistan okays $105mln debt settlement for PIA-owned Roosevelt Hotel

August 12, 2020

This undated file photo shows a street view of the Roosevelt Hotel in New York City, United States.

ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) on Wednesday gave a “principled go-ahead” to the settlement of outstanding loans of the Roosevelt Hotel in Manhattan, New York, which is owned by Pakistan’s national flag carrier.

“ECC of the Cabinet has given principled go-ahead to the payment of all liabilities and responsibilities resulting from a debt of $ 105 million secured by the Pakistan International Airlines Corporation Limited (PIACL) owned Roosevelt Hotel in Manhattan, New York,” the finance ministry said in a statement.

The ECC meeting was chaired by the Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, who asked the Finance Division to engage with the Law Division, Aviation Division and Planning Commission to formalize the mode of payment and refinancing “as per schedule of the loan contracted by the Roosevelt Hotel to meet its financial challenges, and submit to ECC in its next meeting for formal approval.”

Media reported last month that the government planned to sell the hotel but the Cabinet Committee on Privatization (CCoP) decided against privatising it and said it would be run as a joint venture instead. The CCoP has also directed the Privatization Commission to hire a financial adviser to start the process in light of a report by accounting firm Deloitte in July 2019 recommending that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through joint venture) of primarily an office tower over retail and condominium.”

https://www.arabnews.pk/node/1718426/pakistan

 

[American Pakistani]

Matlab hotel which was in such a business rich area like Manhattan bhi debt mein Tha. So much mismanagement and some opposition leaders want half salary of these h@r@mkh0rs.

 

[Falcon26]

Another thread on this topic already exists. Moderators please merge both threads.

 

[hussain0216]

It's amazing how much shit Imran khan government has to fix

Then we have very little money to do anything else

Then all the crooks want to elect PPP and PMLN or mqm again


Crazy crazy stuff

 

[Enigma SIG]

It's amazing how much shit Imran khan government has to fix

Then we have very little money to do anything else

Then all the crooks want to elect PPP and PMLN or mqm again


Crazy crazy stuff

The country is like a highway toilet, everyone shits, but no one flushes. PTI is like the new janitor cleaning up clogged drains while people keep shitting away.

 

[hussain0216]

The country is like a highway toilet, everyone shits, but no one flushes. PTI is like the new janitor cleaning up clogged drains while people keep shitting away.

Which would atleast be partially better if everyone understood this but we have endless tears that IK hasn't cleared 70 years of built up shit within 2 years and demands that the big shitter's be bought back

 

[PatrioticPaki]

Could it possibly be a joint venture between PIA and Trump Organization? I heard Trump was interested in buying this property.

 

[Thorough Pro]

I am not sure why the government allowed PIA to acquire this hotel as PIA was not in hotelling business. It was bought on;y to serve as PLYboy DEN for morally corrupt PIA officials + free boarding and lodging for family members who were already travelling on free tickets.

It should be sold immediately and PIA should focus only on travel.

Pakistan okays $105mln debt settlement for PIA-owned Roosevelt Hotel

August 12, 2020

This undated file photo shows a street view of the Roosevelt Hotel in New York City, United States.

ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) on Wednesday gave a “principled go-ahead” to the settlement of outstanding loans of the Roosevelt Hotel in Manhattan, New York, which is owned by Pakistan’s national flag carrier.

“ECC of the Cabinet has given principled go-ahead to the payment of all liabilities and responsibilities resulting from a debt of $ 105 million secured by the Pakistan International Airlines Corporation Limited (PIACL) owned Roosevelt Hotel in Manhattan, New York,” the finance ministry said in a statement.

The ECC meeting was chaired by the Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, who asked the Finance Division to engage with the Law Division, Aviation Division and Planning Commission to formalize the mode of payment and refinancing “as per schedule of the loan contracted by the Roosevelt Hotel to meet its financial challenges, and submit to ECC in its next meeting for formal approval.”

Media reported last month that the government planned to sell the hotel but the Cabinet Committee on Privatization (CCoP) decided against privatising it and said it would be run as a joint venture instead. The CCoP has also directed the Privatization Commission to hire a financial adviser to start the process in light of a report by accounting firm Deloitte in July 2019 recommending that “the highest and best use of the Roosevelt Hotel property is to redevelop the site into a mixed-use [property] (through joint venture) of primarily an office tower over retail and condominium.”

https://www.arabnews.pk/node/1718426/pakistan