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PAL Holdings announces exchange ratio for Philippine Airlines shares
February 28th 2023
PAL Holdings Inc. (PHI), the parent company of Philippine Airlines (PAL), said independent appraiser FTI Consulting Philippines has concluded its valuation of the two companies to determine the exchange ratio of PAL shares to PHI shares. Read More » The exchange ratio is 15.57 PHI shares to one PAL share, the company said in a regulatory filing to the Philippines Stock Exchange (PSE). “As part of PAL’s Chapter 11 restructuring, some of the debts of unsecured creditors were impaired and converted into equity of PAL,” PHI said. “These impaired creditors now own approx. 20.1% of PAL. In its reorganisation plan, the airline undertook to offer the impaired creditors a mechanism to swap their PAL shares into shares of PHI to have the ability to trade them on the PSE.”
