Jakarta, CNBC Indonesia – Philippine Airlines (PAL) says it has emerged from bankruptcy. This happened after the United States (US) court approved the company reorganization plan.
quote AFP, this is in the form of debt reduction of US$ 2 billion and additional capital of US$ 505 million from shareholders. This includes obtaining US$ 150 million in financing from new investors.
“PAL has streamlined operations with a reorganized fleet and is now better capitalized for future growth,” the airline added in a statement.
The Philippines’ national airline previously filed for bankruptcy in September 2021. The company said it was seeking creditor assistance due to the unending impact of the Covid-19 pandemic.
Operations halted 75% in 2020 due to travel restrictions to contain Covid-19. Of the 60 million domestic and international passengers in 2019, the airline only recorded 13 million in 2020.
As of September 2020, PAL said it had canceled 80,000 flights and was forced to cut 2,000 employees. This wiped out $2 billion in revenue.
(boss / boss)
– .
