Philippine Airlines files for bankruptcy ...Qatar

Philippine Airlines (PAL) said Saturday it was filing for bankruptcy in the United States to slash $2bn in debt as it tries to survive an industry gutted by the coronavirus pandemic. The national carrier of the Philippines said the filing will allow it to restructure contracts and cut debt by at least $2bn while getting $655mn in fresh capital when it emerges from the Chapter 11 process. PAL will also downsize its fleet by 25% and re-negotiate contracts to reduce lease payments. “Philippine Airlines will continue business-as-usual operations while finalising the restructuring of our network, fleet and organisation,” senior vice president and chief financial officer Nilo Thaddeus Rodriguez s

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