Philippine Airlines exits Chapter 11 bankruptcy
Flag carrier Philippine Airlines marked a ‘celebratory moment’ by emerging from Chapter 11 bankruptcy proceedings in the US.
The restructuring process has taken four months and saw the removal of $2 billion worth of debt.
After approval by the court, it received full backing from aircraft lessors and lenders.
The airline has up to $150 million in additional financing available from new investors.
PAL said it plans ‘restoring more routes and increasing flight frequencies as travel restrictions ease.’
“PAL stands ready to help grow back the Philippines’ local and international air travel markets in ways that renew the tourism industry and serves the needs of global citizens including overseas Filipinos,” the airline said.
“Our mission as the flag carrier matters more than ever, and we are thankful for the chance to rebound from the pandemic.”
The government said it is ready to discuss further financing option for the airline.
Finance Secretary Carlos G. Dominguez III said the Department of Finance will consider requests.
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Learn more about : Philippine Airlines ( United Kingdom ) Philippine Airlines ( N. America ) Philippine Airlines ( Asia Pecific )
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.