PR is filing for bankruptcy in New York under Chapter 11

Philippine Airlines Logo
Released: 2021-09-04
Category: Financials
Philippine Airlines has filed for bankruptcy in the United States under Chapter 11 to restructure contracts and cut debt.

The restructuring plan, subject to court approval, provides the airline with over $2 billion in payment reductions and allows to cut its fleet size by 25%.

Philippine Airlines will continue business-as-usual operations while finalizing the restructuring of the network, fleet and organization.

ICAO: PAL
IATA: PR