Philippine Airlines Inc. expects to emerge from Chapter 11 bankruptcy “in a few months,” Chief Financial Officer Nilo Thaddeus Rodriguez said in a Sept. 4 video explaining the company’s restructuring.
Majority-owned by billionaire Lucio Tan, the carrier filed for Chapter 11 bankruptcy in New York on Sept. 3 with a lender-supported plan to help it recover after the pandemic devastated global travel. It aims to cut $2 billion in borrowings, will get $505 million in equity and debt financing from its majority shareholder and $150 million of debt financing from new investors.
"Exit" - Google News
September 06, 2021 at 07:35AM
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Philippine Air Targets Exit From Bankruptcy in Few Months - Bloomberg
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