News Karnataka
Tuesday, January 31 2023
Asia

Philippine Airlines emerges from bankruptcy

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Manila: The Philippines Airlines (PAL) has emerged from bankruptcy and completed its financial restructuring to keep the company afloat amid the Covid-19 pandemic.

In a statement, PAL said the company is now “well-positioned for long-term growth with reduced debt and additional liquidity,” adding that the company has emerged “as a more efficient airline with a strengthened balance sheet”, reports Xinhua news agency

Under the newly effective recovery plan, PAL has the option to obtain up to $150 million in additional financing from new investors.

As it navigates the continuing risk of the pandemic and its economic impact, the company said it will continue to reinstate and expand routes while investing in digital transformation and its growing cargo business.

Specifically, PAL said it plans to restore more routes and increase flight frequencies as travel restrictions ease and borders reopen.

“PAL stands ready to help grow back the Philippines’ local and international air travel markets in ways that renew the tourism industry, serve the needs of global citizens including overseas Filipinos, and contribute actively to the recovery of the Philippine economy,” said PAL Chairman and CEO Lucio C. Tan.

Last September, PAL filed for Chapter 11 bankruptcy in the United States to pursue a restructuring plan to keep the company afloat amid the pandemic.

Chapter 11 is a form of bankruptcy that involves reorganization, allowing a company to stay in business and restructure its obligations.

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