Manila Bulletin
PAL marks 81st year, sees 'comeback year'
Philippine Airlines (PAL) anticipates a significant recovery and comeback in 2022, aiming to emerge stronger after navigating financial difficulties brought on by the COVID-19 pandemic.
PAL Chairman and CEO Lucio Tan expressed confidence in the airline's future, highlighting plans for network expansion, digital innovation, and a strengthened cargo strategy.
The airline is celebrating its 81st anniversary, which Tan described as a 'day of rebirth' for PAL, vowing to provide a more robust and dependable service for its customers.
PAL successfully emerged from its voluntary Chapter 11 bankruptcy proceedings on January 1, a process that allows companies to reorganize debts while continuing operations.
The restructuring plan includes securing approximately $505 million, with $250 million in debt financing over five years and $255 million converted into equity.
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