Home ›› 02 Jan 2022 ›› Asia Biz
Philippine Airlines has said it has emerged from bankruptcy after a US court approved its plan to slash up to $2 billion in debt and obtain additional capital.
The national carrier of the Philippines had filed for bankruptcy in the United States in September, seeking relief from creditors as it tried to survive the devastation unleashed on the airline industry by the coronavirus pandemic.
Its court-approved reorganisation plan includes a $2 billion debt reduction and additional liquidity of $505 million from its main shareholder, PAL said in a statement Friday.
It also has the option to obtain up to $150 million in additional financing from new investors.
"PAL has streamlined operations with a reorganised fleet and is now better capitalised for future growth," the airline added.
