It’s understood a financial restructuring deal has cut the Steam Packet’s debt by around half.
Although bosses are refusing to reveal the exact figures, Manx Radio understands it’s halved the amount, which stood in the region of £226 million.
Chairman Robert Quayle says the announcement was made to coincide with a public meeting held by The Ellan Vannin Line, a potential new rival to the firm.
John Wannenburgh: 'Commitment, compassion and an unwavering sense of duty'
Tributes following the unexpected death of Douglas North MHK
Manx Utilities 'deeply saddened' by death of chairman
Wannenburgh praised for 'exceptional' leadership
"Tynwald will be a less colourful place without John" says president
Watterson describes Wannenburgh as 'devoted' to constituents
Douglas North MHK pays tribute to 'amazing friend'
Wannenburgh had 'biggest heart of anyone I've ever met' says Ashford