Philippine Airlines has successfully completed its financial restructuring process and emerged from Chapter 11 with a significantly lower debt burden and more than $550 million of additional liquidity.
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This paves the way for PAL to turn its business around and reaffirm its position as the Philippines’ sole full-service airline with the largest international network.
Lucio Tan slashes PAL losses by more than half in November due to higher passenger, cargo revenues
“[PAL] stands ready to help grow back the Philippines’ local and international air travel markets in ways that renew the tourism industry, serve the needs of global citizens including overseas Filipinos, and contribute actively to the recovery of the Philippine economy,” said bilyonaryo Lucio C. Tan, chairman and CEO of PAL.
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After advancing through the Chapter 11 process in just four months, PAL has streamlined operations with a leaner fleet and is now well-positioned for future growth.
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The airline’s recovery plan which was approved by an overwhelming majority of creditors last December 17, 2021, slashed over $2 billion in debts and provided PAL with an option to secure up to $150 million in additional financing from new investors.
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“There are immense challenges ahead, but we look forward to tackling them as a reinvigorated Philippine Airlines, better positioned for strategic growth to continue serving our customers,” said Gilbert F. Santa Maria, PAL president and COO.
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PAL reiterated its commitment to fulfill all refund obligations. It has cleared over 99% of past refunds and is now back to normal processing times for refunds, except for some 2020 cases that require validation procedures mostly involving third party providers.
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To revive its loss-making operations, PAL is restoring more routes and increasing flight frequencies as travel restrictions ease and borders reopen as well as build on code sharing and interline partnerships.
PAL is also expanding its newly established cargo business to tap more air cargo market opportunities and to keep supply chains moving .