MANILA: The ongoing financial problems of taipan Lucio Tan’s Philippine Airlines (PAL) could weigh on the group’s bid to build a 500 billion pesos (US$10bil) international airport in Sangley Point, Cavite gov Jonvic Remulla said.
PAL is considering a Chapter 11 petition in the United States to protect its assets from mainly foreign creditors and lessors while it finalises an estimated US$5bil debt rehabilitation plan to weather the Covid-19 pandemic.
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