Philippine Airlines exits US bankruptcy

Philippine Airlines has the option to obtain up to US$150 million in additional financing from new investors. - AFP

Manila, Jan 1, 2022 (AFP): Philippine Airlines has said it has emerged from bankruptcy after a US court approved its plan to slash up to US$2 billion in debt and obtain additional capital.

The national carrier of the Philippines had filed for bankruptcy in the United States in September, seeking relief from creditors as it tried to survive the devastation unleashed on the airline industry by the coronavirus pandemic.