United Kingdom
United States
Asia Pacific
Philippine Airlines files for bankruptcy
After months of struggle and speculation over its long term future, Philippine Airlines filed for Chapter 11 bankruptcy in New York.
The company plans to trim liabilities by US$2 billion through a restructuring plan, which would require court approval and PAL plans to reduce its fleet by a quarter.
According to the proposal PAL will receive about US$500 million in equity and debt financing and an extra US$150 million from new investors.
It says 90% of its lenders approve the plan.
PAL management told Bloomberg the proposal calls for a 35% reduction in the workforce.
Owner Lucio Tan said it will be a ‘major breakthrough’ for the airline if it gets court approval.
The airline has struggled for many years and last posted a profit in 2017.
It posted a big annual loss in 2020.
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.
Exploring Brooklands Museum with Alex Patterson
Global Tourism Challenges and Upcoming Events: A Conversation with Don Welsh
Peebles Barbeque: A Legacy of Flavor and Tradition
Exploring Bok Tower Gardens with Erica Smith
Rue’s Living Water Boat Cruises: Exploring Winter Haven’s Chain of Lakes
Durango and Silverton Railroad: A Timeless Journey Through History and Scenic Beauty
Walt Leger on New Orleans’ Resilience and Major Events Ahead
Cindy Mackin Shares Estes Park’s Winter Thrills
Mark Jaronski of Explore Georgia on FIFA World Cup 2026
Connecting Small Businesses to Global Tourism Markets: Nate Huff of Tourism Exchange
North Carolina’s Resilience: Wit Tuttell on Recovery and Tourism
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
EU entry-exit system delayed again
Jet2 unveils Samos as new Greek destination for summer 2026
Carnival Cruise Line hosts Prague getaway for Fun Ambassadors
US tourism hit with UK, Germany travel warnings
Council moves to designate Forest of Dean a Biosphere