News
Philippine Airlines creditors’ meeting scheduled for October
September 22nd 2021
Creditors affected by the Philippines Airlines (PAL) decision to file for Chapter 11 bankruptcy in the US are scheduled to meet on October 22, according to a regulatory filing. Read More » A telephone meeting about the case was held on September 9 before bankruptcy judge, Shelley C. Chapman, from the Southern District of New York and a second day hearing is due on September 30. Chapter 11 protects companies while they reorganise or liquidate according to a court-approved plan. PAL has pledged flights will continue uninterrupted and all valid tickets will be honoured when it filed for bankruptcy earlier this month. The airline, which has seen travel demand slump by about 75% due to the pandemic, also promised all vouchers, refund applications and frequent flyer miles will be honoured. The filing was part of a plan to restructure US$2 billion in debt that has been agreed by most of the airline’s lessors, lenders and other creditors.
