As of Nov 19, the receivables of the state-run PSO touched Rs238 billion, highest-ever in its history.
The company’s previous record of highest receivables was of Rs220bn in May last year, ahead of a major Rs480bn circular debt settlement, a senior company official told the media
The company has committed more than a dozen of domestic and international defaults in a week – another record.
The banking sector has also stopped extending credits, refineries are declining product uplifting and international supply orders are being delayed, the official said.
He said the company has been committing a series of defaults, but since Nov 12, it hit about a dozen defaults of over Rs19bn, including four to international suppliers.
Some of the major defaults included Rs2.6bn on Nov 12 to Muslim Commercial Bank, Rs4.6bn to NIB Bank on Nov 13, followed by a few others on Nov 17 to National Bank, Habib Bank and United Bank. This was in addition to Rs6bn default to refineries.
The company has repeatedly written to the government that it was on brink of collapse and supply line would come to a halt if a minimum of Rs35bn were not paid immediately.
