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Philippine Airlines files for bankruptcy protection in US

... a later date, and some of the orders may be canceled. The company's appeal to a foreign court, as explained in the PAL management, is due to the fact that a significant part of the company's creditors are US residents and the use of the appropriate bankruptcy procedures will be more convenient. The restructuring plan assumes that expenses will be reduced by $ 2 billion, and along with the borrowed capital of the Tang family, it is expected to receive new investments of $ 150 million. Experts note ...

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