News Karnataka
Tuesday, January 31 2023

Philippine Airlines emerges from bankruptcy

Afghan flights
Photo Credit :

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.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp