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

https://www.theasianaffairs.com/pal-is-challenged-by-bankruptcy/

--

--

--

Sharing the latest news from 4 different countries in SouthEast Asia! https://www.theasianaffairs.com/

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Government roadmap — Armenian PM Pashinyan’s attempt to retain power or a chance to restore…

Taking Our First Steps Together

Denmark terror suspect swore fidelity to ISIS leader on Facebook page

The Congress party needs a new credo

How to Win a Trade War When the Aim Is Not Trade: The Long Game of the US and Japan

Working poor in Europe: Jobs are not the only solution.

EU set to sanction Turkey over East Mediterranean dispute.

Turning Developing Countries into Advanced Economies

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
The Asian Affairs

The Asian Affairs

Sharing the latest news from 4 different countries in SouthEast Asia! https://www.theasianaffairs.com/

More from Medium

55 things that happened in my first quarter of college

Slow Movement — How to rethink your speed of life — Blog post / Episode script

How my time at the University of Salford has prepared me for a career in…?

Alex posing with Salford University Boat Club after organising the two cities event (Races between Salford and University of Manchester)

I think I did a lot with Benny this month.