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Philippine Airlines plans to raise USD500 million
Philippine Airlines hopes to raise $505 million through loans and a convertible bond issue. A t the same time it is continuing discussions with lessors over restructuring plans.
The flag carrier plans to return some planes to lessors as it mulls a possible filing for Chapter 11 bankruptcy. It has lease agreements for 49 aircraft.
Despite its perilous financial situation, PAL’s flights operations will continue as normal, it said.
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TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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