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Philippine Airlines files for bankruptcy protection in US

The creditors have agreed to ‘forgive’ a $ 2 billion (100 billion Philippine francs) debt to the only airline in the Philippines having an IOSA certificate. PAL's chief financial officer, Nilo Thaddeus Rodriguez, said the company ... ... 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 ...

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 ... ... number of people arriving from abroad fell by 82% (to less than 1.5 million in 2020). In February 2021, the representatives of airline confirmed that PAL is implementing an “enterprise-wide headcount reduction program”. The company announced the reduction ...

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