United States Is A Favorite Haven For International Airlines Seeking Protection
Philippine Airlines filed for Chapter 11 bankruptcy with a lender-supported plan to help the carrier recover after the COVID-19 pandemic. The company will get $505 million in equity and debt financing from its majority shareholder, in addition to $150 million from new investors to contribute to debt financing. The goal is to cut $2 billion in borrowings through a proposed restructuring plan, which will need court approval, allowing the carrier to reduce its fleet capacity by 25%. The Chapter 11 filing allows the company to operate while it begins its journey to restructure. The filing comes after the airline negotiated for months with stakeholders.
Read More
