Philippine airline files for bankruptcy

Philippine airline files for bankruptcy
Philippine airline files for bankruptcy

The Philippine airline announced today, Saturday, that it has filed for bankruptcy in the United States and that it will undergo a financial restructuring to recover from the losses it incurred due to the impact of the Corona virus (Covid 19-) pandemic on global travel.
Philippine Airlines (PAL) said it filed for Chapter 11 bankruptcy in New York on Friday, after entering into a series of agreements with the company’s lenders, lessors and suppliers for a $2 billion reduction in payments.

The company reassured its customers that its operations will not be affected by the financial restructuring plan, adding that it hopes to continue to increase its domestic and international flights as travel recovers from the Corona crisis.

Source

Philippine airline files bankruptcy

 
For Latest Updates Follow us on Google News
 

PREV UAE’s Mubadala invests 10 billion pounds in vital sectors in Britain
NEXT Turkey.. Electricity exports grow 42.3 percent in August