Philippine Airlines exits Chapter 11 bankruptcy

Tuesday, 02 Jan, 2022 0

Flag carrier Philippine Airlines marked a ‘celebratory moment’ by emerging from Chapter 11 bankruptcy proceedings in the US.

The restructuring process has taken four months and saw the removal of $2 billion worth of debt.

After approval by the court, it received full backing from aircraft lessors and lenders.

The airline has up to $150 million in additional financing available from new investors.

PAL said it plans ‘restoring more routes and increasing flight frequencies as travel restrictions ease.’

“PAL stands ready to help grow back the Philippines’ local and international air travel markets in ways that renew the tourism industry and serves the needs of global citizens including overseas Filipinos,” the airline said.

“Our mission as the flag carrier matters more than ever, and we are thankful for the chance to rebound from the pandemic.”

The government said it is ready to discuss further financing option for the airline.

Finance Secretary Carlos G. Dominguez III said the Department of Finance will consider requests.

Learn more about : Philippine Airlines ( United Kingdom ) Philippine Airlines ( N. America ) Philippine Airlines ( Asia Pecific )

below social share icons

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

We understand the importance of personal touch We do things a bit differently at Eventsquid. We know that we could...

The Mexico Tourism Board serves as the driving force behind Mexico’s global appeal, orchestrating targeted marketing campaigns to showcase the...

With long periods of Thailand’s History, according to evidences and studies, Sukhothai was the first kingdom of Thailand. At that time, an early Thai...

Holiday Extras is the UK market leader in airport parking, airport hotels, worldwide airport lounges, destination car hire, airport transfers...

ABOUT THE PHILIPPINES Mabuhay! Welcome to our archipelago of 7,641 islands where there are endless beaches, lively and fashionable cities,...

We’re the number one choice for travelers to the Greek Islands and Eastern Mediterranean – a fact we love to...

Our leadership is bold. Our agility thrives on open innovation and we embrace the new, whether it’s diversity, trends, challenges....

We are the UK’s leading Canada travel experts Canadian Affair Company Information Founded in 1995, Canadian Affair offers an...

Our Mission Ecommerce has transformative powers, and we believe everyone should be able to take part. But outdated solutions and...

If you’re thinking of cruising, there’s a very good chance you’re considering a Carnival cruise. Growing since our founding in...

From the beginning, ATI’s philosophy has been “innovation, not duplication.“ Developing specialized technology solutions to connect over 30,000 accommodation, attracti...

For over 18 years and over 106 completed events, the Travel & Adventure Show has connected over 2.5 million travel...

Philippine Airlines (PR), also known as PAL, is the Filipino flag carrier. The company started their operations in February 1941,...

Consisting of the three Maritime provinces of New Brunswick, Nova Scotia, and Prince Edward Island as well as Newfoundland and...

Arival advances the business of creating amazing in-destination experiences. We provide events, insights, and community for creators and sellers of...

Wonderful Indonesia Indonesia is a country blessed with countless wonders. What makes this country unique is its diverse culture and...

Central Florida’s Polk County is conveniently located between Orlando and Tampa, and an easy drive to Central Florida attractions and...

MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels...