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Philippine Airlines undergoing restructuring
Flag carrier Philippine Airlines (PAL) is working through a comprehensive restructuring amid reports it will seek bankruptcy protection.
PAL responded to reports it had informed its lessors that it was planning to file for Chapter 11 bankruptcy protection.
PAL has apparently been mulling a Chapter 11 filing since last year.
“As the work is ongoing, we will make the necessary disclosures at the proper time, once details are finalised,” PAL said in a statement of the restructuring plan.
“We continue to increase our international and domestic flights as the market recovers with easing of travel restrictions,” the airline added.
The airline is yet to release its full-year financial results for 2020.
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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.
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