Sumary of Philippine Airlines files for bankruptcy, announces restructuring plan amid pandemic:
- com file photo Flag carrier to continue operations, eyes exit from Chapter 11 before year-end NATIONAL flag carrier Philippine Airlines (PAL) has “voluntarily” filed for restructuring under a Chapter 11 plea in the United States amid the ongoing pandemic that has put a strain on global travel.
- PAL President Gilbert Santa Maria said in a video statement that the airline has been working with its creditors, lessors, suppliers, shareholders, and employees on a permanent solution to “complete the recovery and guarantee the future of Philippine Airlines.
- As explained by PAL chief financial officer Nilo Thaddeus P.
- “We will complete the recovery of Philippine Airlines,” PAL Chairman and CEO Lucio Tan said in a video message delivered by his grandson and PAL director, Lucio Tan III.
- It has always been the duty of Philippine Airlines to support jobs and livelihoods throughout our island country and to provide global connections that link the Philippine economy to key markets worldwide,” he added.