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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 ...

PHILIPPINE AIRLINES READY TO FILE FOR BANKRUPTCY

According to local media reports, Philippine Airlines Inc. Company (PAL) has begun negotiations with creditors on restructuring and plans to file a bankruptcy petition under the US bankruptcy law. The company had been working on plans for financial recovery, considering the possibility of restructuring, the Philippine air carrier announced back in November 2020. According to the released data, ...

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