Philippine Air gets U.S. court approval to access $505M funding
by Bloomberg Oct 01, 2021
Philippine Airlines Inc. received U.S. court approval to access a $505m debtor-in-possession financing, which is core to its restructuring plan.
“This important step confirms that our recovery process is on track,” Philippine Air President Gilbert Santa Maria said in a statement.
Getting full access to the long-term equity and debt financing will give the Lucio Tan-led airline additional liquidity to meet obligations and continue operating as usual. It expects to emerge from Chapter 11 bankruptcy before the end of the year, with a leaner fleet and fewer destinations as travel demand isn’t likely to recover anytime soon.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
WorldACD Weekly Air Cargo Trends (week 15)
View ArticleEmirates needs time to clear flood backlog as Clark says sorry
Emirates said it will need “some more days” to clear the backlog of rebooked passengers and stranded bags after the worst rainfall in 75 years plunged Dubai into chaos last…
View Article
Do ocean carriers have a future in airfreight?
View Article
Air Canada Cargo’s freighter feeder to passenger jet strategy is powering growth
View ArticleIndia averts travel chaos as plane technicians call off strike
Technicians at a company that repairs and maintains Air India Ltd. aircraft have called off a strike planned for Tuesday, easing concerns that the industrial action could spark a renewed…
View Article
Ethiopian Airlines launches a new service to Warsaw, Poland
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
