Philippine Airlines plans to raise USD500 million

Philippine Airlines hopes to raise $505 million through loans and a convertible bond issue. A t the same time it is continuing discussions with lessors over restructuring plans.

The flag carrier plans to return some planes to lessors as it mulls a possible filing for Chapter 11 bankruptcy. It has lease agreements for 49 aircraft.

Despite its perilous financial situation, PAL’s flights operations will continue as normal, it said.

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