Bilyonaryo - Business

Lucio Tan’s heir apparent Hun Hun gives lolo’s assurance to customers, partners: PAL will keep flying now and long into the future

September 4, 2021

Bilyonaryo.com

But the 87-year old Tan was silent but beaming with pride as his heir apparent, the 29-year old Lucio “Hun Hun” Tan III, read his message of assurance to PAL’s customers and partners that the flag carrier would “keep flying now and long into the future.”

READ: Bilyonaryo Lucio Tan has appointed his millennial grandson as a top officer of PAL Holdings, the parent of Philippine Airlines (PAL) which is one the verge of bankruptcy.

Hun Hun is the son of Lucio “Bong” Tan III, Tan’s eldest son, who died tragically at the age of 53 in 2019 or just two weeks after taking being named president and COO of PAL’s parent, PAL Holdings.

Hun Hun was named director of PAL Holdings in December 2019 and vice president in May 2021.

READ: Lucio Tan cheers Chapter 11 filing as ‘breakthrough’: PAL to cut fleet by 25%, debt by $2B; raise $655M in new equity, borrowings

Under its bailout plan, PAL’s lessors and lenders deferred $360 million in lease and loan payments; suppliers extended payment terms; Tan agreed to raise $505 million from long-term equity and debt financing; and generate $150 million in additional debt financing from new investors.

READ: PAL defends bankruptcy filing: Many airlines used Chapter 11 to reinvent themselves into more successful firms

PAL, however, is still a long way from full recovery as it still operates at 21 percent of its pre-pandemic flights and 70 percent destinations.

READ: After 3 passengers test positive for COVID-19: Hong Kong halts inbound PAL flights for 2 weeks

Related News Tags: Chapter 11 bankruptcy, Lucio “Bong” Tan III, Lucio Tan, Philippine Airlines

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