Philippine Airlines mulls bankruptcy, in talks to cut fleet

  MANILA – Philippine Airlines is reportedly in talks on reducing its fleet size and is considering filing for bankruptcy in the US to carry out its restructuring plan, Bloomberg quoted sources as saying. The airline may return at least two Airbus A350s to lessors and four Boeing 777s as part of a restructuring lease. Philippine Airlines has six A350s and 10 Boeing 777s. Representatives for Airbus and Boeing declined to comment. In a statement, Philippine Airlines said it is working with stakeholders “on a comprehensive restructuring plan” amid the pandemic. The airline said that flights and operations will not be affected in any restructuring. Meanwhile, Philippine Airlines is working with advisor Seabury Capital on documentation for bankruptcy, sources told Bloomberg. Seabury Capital did not immediately respond to requests for comment. PAL Holdings Inc., the holding company of Philippine Airlines, has reported losses since 2017, including nearly $607 million in the first nine months of 2020. In February, Philippine Airlines said it would cut 2,300 jobs or a third of its workforce by mid-March. The airline has also been forced to reduce or cancel flights, including those in the UAE, after a big drop in international travel demand due to the pandemic. CAM/Expat Media
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