PAL's US$5bil debt rehab largest in Philippines history

MANILA (Philippine Daily Inquirer/ANN): The total liabilities of Philippine Airlines (PAL)—including its outstanding obligations to foreign aircraft suppliers — stand at almost US$5 billion, making its proposed debt restructuring plan the largest in the country’s history.

“This [amount] is due to new accounting rules on [aircraft] leases that were implemented in 2019, ” a company insider told the Inquirer, even as he explained that the actual amount of loans excluding these assets was “much smaller than that.”