The airline Philippine Airlines announced this Saturday (4) bankruptcy filing in the United States to cut $2 billion in debt, while trying to survive in an industry swamped by the coronavirus pandemic.
The Philippines’ national airline says this will allow it to restructure its contracts and save $2 billion in debt, while it expects another $665 million when the process is complete.
The company will also reduce its fleet by 25% and will renegotiate its contracts to lower rental prices.
“Philippine Airlines will continue its commercial operations after the restructuring of our network, our fleet and our organization is complete,” said Vice President and Chief Financial Officer Nilo Thaddeus Rodriguez in a video message.
Passenger volume in the Philippines has dropped more than 75 percent, from 30 million in 2019 to seven million in 2020, due to restrictions related to the covid-19 pandemic, said airline president Gilbert Santa Maria.
The company canceled more than 80,000 flights, lost $2 billion in revenue and laid off 2,300 employees. At the moment, according to its president, it operates 21% of all pre-pandemic flights, covering only 70% of regular destinations.
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