PAL is Challenged by Bankruptcy
The effect of pandemic has been really intense around the world especially ib the Philippines. A lot of business has been affected and loss is unimaginable. And unexpectedly, Philippine Airlines petitioned for Chapter 11 bankruptcy in the United States to seek after a bank upheld rebuilding plan that means to cut obligation by more than $2 billion and diminish its armada by 25%, the banner transporter said.
In view of this, PAL’s proposed rebuilding, which is dependent upon endorsement by a court in the southern region of New York, likewise incorporates $505 million in long haul value and obligation financing from its significant investor and $150 million of extra obligation financing from new financial backers