Philippine Airlines approved to exit bankruptcy and cut debt load

MANILA, Dec 19 (Bloomberg): Philippine Airlines Inc. won court approval for its reorganisation plan, paving the way for the carrier to exit bankruptcy, cut $2 billion in debt and revive its fortunes after a slump in international travel due to the pandemic.

US Bankruptcy Judge Shelley Chapman in Manhattan said Friday (Dec 17) that she would approve the Chapter 11 plan after unsecured creditors voted to back the proposal. The reorganization didn’t face any major opposition from debt holders.