Philippine Airlines had emerged from bankruptcy protection less than four months after it began a restructuring.
The carrier sought protection from creditors in September using the US Chapter 11 court procedure. The restructuring saw it slash debt by $2 billion, cut its fleet size and receive a $505 million investment from its major shareholder.
The carrier also has the option to obtain up to another $150 million in new funds.
Philippine Airlines suspended its Heathrow-Manila service due to the pandemic, but its website now shows flights bookable this month.
Get unlimited access to the latest travel industry news and analysis, comment on articles and sign up to newsletters.
Register for free
Already registered? Login here or below.
Having difficulty logging in? Try these tips, or contact support@ttgmedia.com
Philippine Airlines had emerged from bankruptcy protection less than four months after it began a restructuring.
The carrier sought protection from creditors in September using the US Chapter 11 court procedure. The restructuring saw it slash debt by $2 billion, cut its fleet size and receive a $505 million investment from its major shareholder.
The carrier also has the option to obtain up to another $150 million in new funds.
Philippine Airlines suspended its Heathrow-Manila service due to the pandemic, but its website now shows flights bookable this month.
The airline’s chairman and chief executive Lucio Tan said: “Our mission as the flag carrier matters more than ever, and we are thankful for the chance to rebound from the pandemic and continue to fulfil this mission as best as we can.”
Are you a home-based agent looking to grow your business, expand your networks and develop the skills needed to drive long-term success? Register to join the Celebrity Cruises Xcelerator Programme now – and you could also win one of two Celebrity sailings, a ship visit and more!
