Lockwood v. American Airlines, Inc.

Philippine Airlines Emerges from Chapter 11 Reinvigorated for the Future

Retrieved on: 
Friday, December 31, 2021
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PAL successfully completed its financial restructuring within four months, in contrast to other airlines that remain in the Chapter 11 process more than a year after filing in 2020.

Key Points: 
  • PAL successfully completed its financial restructuring within four months, in contrast to other airlines that remain in the Chapter 11 process more than a year after filing in 2020.
  • There are immense challenges ahead, but we look forward to tackling them as a reinvigorated Philippine Airlines, better positioned for strategic growth to continue serving our customers.
  • Philippine Airlines Inc. was the only party included in the Chapter 11 filing; while PAL Holdings Inc., which is listed on the Philippine Stock Exchange (PSE: PHI), and Air Philippines Corporation, known as PAL Express, were not included in the Chapter 11 filing.
  • Philippine Airlines, Inc. (PAL) is the flag carrier of the Philippines and the countrys only full-service network airline.

Philippine Airlines Inc. (PAL) Receives U.S. Court Approval to Access US$505 Million in Debtor-in-Possession (“DIP”) Financing

Retrieved on: 
Friday, October 1, 2021
Transportation, Air, Transport, Travel, Western Global Airlines, LLP, Skytrax, Title 11 of the United States Code, DIP, PSE, Bankruptcy, Association, PAL, Court, KCC, Company, Fulbright Program, Boeing 777, United States bankruptcy court, International, Seabury, Philippine Stock Exchange, Hearing, PAL Express, Boeing, Airbus, Airbus A321, Maintenance, Airbus A330, Lockwood v. American Airlines, Inc., Philippine Airlines, Chapter 11, Title 11, United States Code, Government, Aviation, APEX, Martha Plimpton, Airbus A350, Airline, Security (finance)

Philippine Airlines Inc. (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 carriers restructuring plan.

Key Points: 
  • Philippine Airlines Inc. (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 carriers restructuring plan.
  • The DIP financing could be converted (at PALs discretion) to long-term unsecured debt and equityrather than repay in cashupon emergence from chapter 11.
  • With approval to fully access our DIP financing, PAL has the additional liquidity needed to meet our current and future obligations and to continue operating as usual.
  • Philippine Airlines, Inc. (PAL) is the flag carrier of the Philippines and the countrys only full-service network airline.

Philippine Airlines Inc. (PAL) Announces Initial Milestone in Recovery Plan

Retrieved on: 
Friday, September 10, 2021
Other Travel, Air, Transportation, Transport, Travel

These approvals mark an important step forward in PALs recovery plan, which will reduce the Companys debt by US$2.0 Billion and help the Company recover from the impact of the global pandemic.

Key Points: 
  • These approvals mark an important step forward in PALs recovery plan, which will reduce the Companys debt by US$2.0 Billion and help the Company recover from the impact of the global pandemic.
  • This is a significant step in our recovery plan and supports our ongoing operations to continue serving our valued customers and connecting the Philippines with the world.
  • The combination of our substantial creditor support and the Courts approvals enables us to progress toward an expedited emergence and full recovery.
  • Philippine Airlines, Inc. (PAL) is the flag carrier of the Philippines and the countrys only full-service network airline.

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

Retrieved on: 
Saturday, September 4, 2021
Transportation, Air, Transport, Travel, Aviation, Airlines, Human activities, Association of Asia Pacific Airlines, Philippine Airlines, PAL Express, Airline, PAL Airlines, US Airways, Chapter 11, Title 11, United States Code, Ninoy Aquino International Airport

PAL will also complete a parallel filing for recognition in the Philippines under the Financial Insolvency and Rehabilitation (FRIA) Act of 2010.

Key Points: 
  • PAL will also complete a parallel filing for recognition in the Philippines under the Financial Insolvency and Rehabilitation (FRIA) Act of 2010.
  • Ongoing suppliers and trade creditors will be paid in the ordinary course for goods and services delivered throughout this process.
  • Additional resources for customers and other stakeholders, and other information on PALs filings, can be accessed by visiting the Companys restructuring website at www.PALrecovery.com .
  • Philippine Airlines, Inc. (PAL) is the flag carrier of the Philippines and the countrys only full-service network airline.