Philippine Airlines files for bankruptcy amid fall in air travel

Economy Society

Philippine Airlines Inc. has filed for Chapter 11 bankruptcy protection in the United States after prolonged travel restrictions due to the coronavirus pandemic caused a sharp fall in air travel demand. The flag carrier of the Philippines said Friday it will undergo financial restructuring while continuing to operate its flights. The restructuring plan, which is subject to court approval, will provide the airline with over $2 billion in payment reductions, it said in a statement. Chairman and CEO Lucio Tan said the plan empowers the airline to "overcome the unprecedented impact of the global p...

Kyodo News

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