Philippine Airlines – bankruptcy requested – economy

Philippine Airlines (PAL) wants to get through the corona crisis under creditors’ protection under US bankruptcy law and is aiming for financial restructuring. As the company announced, an application for bankruptcy protection under Chapter 11 of US bankruptcy law has been filed in a New York court. Previously, agreements with lenders, donors and suppliers for payment reductions of over two billion dollars (around 1.7 billion euros) had been reached. Air operations will not be interrupted, he said. The restructuring plan also allows the Philippine company to reduce its fleet capacity by 25% and secure long-term financing of $ 505 million.

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