News
Philippine Airlines Chapter 11 bankruptcy protection hearing proceeds in New York
September 13th 2021
The U.S. bankruptcy court for the southern district of New York has approved a series of motions allowing Philippine Airlines (PAL) to continue operations as normal while it conducted a corporate restructuring under the Chapter 11 bankruptcy process. Read More » “This is a significant step in our recovery plan and supports our ongoing operations to continue serving our valued customers and connecting the Philippines with the world," PAL president and chief operating officer, Gilbert Santa Maria, said. "The combination of our substantial creditor support and the court’s approvals enables us to progress toward an expedited emergence and full recovery." The court orders authorise PAL to access the first US$20 million of its $505 million of debtor-in-possession financing, honour and maintain all valid tickets, travel vouchers and frequent flyer points, pay ongoing suppliers and trade credits for goods and services delivered during Chapter 11, continue to pay all wages and operate all flights as normal.
