The filing showed that Tan’s privately held Buona Sorte Holding Inc., the airline’s largest unsecured creditor, had agreed to waive the recovery of funding advances worth as much as $358 million under the restructuring plan. These included emergency capital infusions made last year, allowing the national carrier to continue operations. PAL also revealed further details of its flight network buildup, which was dependent on COVID-19 restrictions.
PAL would also strengthen its Ninoy Aquino International Airport hub, maintain routes from Cebu and eventually expand in Clark International Airport. PAL’s restructuring also involved the return of 21 narrow and wide-body planes to lessors and lenders to bring its fleet size to 70 aircraft. It will also implement a so-called power-by-the-hour scheme for remaining planes, allowing PAL to better manage cash flow since it would pay a fixed cost based on the number of hours an aircraft is used.
PAL’s major shareholder is also arranging $505 million in financing while new investors will later come in with $150 million after it exits the Chapter 11 process.
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