December 31, 2021
Philippine Airlines has emerged from its voluntary Chapter 11 proceedings as a more efficient airline with a strengthened balance sheet, reaffirming its continuing role as the Philippines’ sole full-service airline with the largest international network.
December 17, 2021
PAL announced that the U.S. Bankruptcy Court of the Southern District of New York has approved its Plan of Reorganization, which was accepted by 100% of the votes cast.
October 1, 2021
PAL announced today that it received U.S. court approval on a final basis to access its debtor-in-possession (“DIP”) financing totaling US$505 million, a core feature of the flag carrier’s restructuring plan.
September 9, 2021
PAL announced today that the United States Chapter 11 court approved all “First Day” motions on an interim or final basis for PAL’s voluntary restructuring following petitions filed on September 3, 2021. These approvals mark an important step forward in PAL’s recovery plan, which will reduce the Company’s debt by US$2.0 Billion and help the Company recover from the impact of the global pandemic.
September 3, 2021
Philippine Airlines Inc. (PAL) Reaches Agreement with Key Stakeholders to Successfully Navigate the COVID-19 Pandemic and Position the Company for Long-Term Growth and Profitability.