PAL cites 'restructuring' amid bankruptcy protection reports

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Flag carrier Philippine Airlines says flights and operations 'will not be affected' by any restructuring.

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"As the work [on restructuring] is ongoing, we will make the necessary disclosures at the proper time, once details are finalized," it said on Tuesday.

In a disclosure on Wednesday, May 12, listed parent PAL Holdings told the local bourse,"PAL is considering all options available to it, including a comprehensive restructuring plan that will ensure its viability, and support the chairman's"As of the moment, there is no definite option that has been officially approved," it added.

The flag carrier gave assurances on Tuesday that flight operations – including repatriation flights and vaccine transport –"will not be affected" by any restructuring.It recently asked for an extension, citing"difficulty" in preparing the 2020 earnings report following the lockdown in March. For its first-quarter financial statement, PAL said it"needs more time."in the first nine months of that year, 269% larger than the P7.

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