The corona pandemic has found another victim in Philippine Airlines. The carrier announced that it will, among other things, register a Chapter 11 procedure in the United States of America.
A similar procedure will also be registered in the home country. The mountain of debt is given at around two billion US dollars. The carrier is currently struggling for financial survival and sees no other way out than to file for bankruptcy.
“The Chapter 11 restructuring now gives us the opportunity to seal the recovery and find our way back to a solid financial base once and for all. We are hopeful. We are very encouraged that, unlike most Chapter 11 scenarios, PAL is conducting a “pre-arranged” Chapter 11 process, which we proceed with the strong support of our main creditors and the commitment of our shareholders, ”Philippine Airlines said in a statement .