Philippine Airlines files bankruptcy as travel fallout rises

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Philippine Airlines filed for Chapter 11 bankruptcy in New York which will allow the airline to restructure and reorganise its finances. YahooFinance

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Philippine Airlines Inc. filed for Chapter 11 bankruptcy in New York with a lender-supported plan. — Philippine Airlines Inc. filed for Chapter 11 bankruptcy in New York with a lender-supported plan that helps the country’s main carrier recover after the pandemic devastated global travel.

The restructuring plan allows the airline “to overcome the unprecedented impact of the global pandemic that has significantly disrupted businesses in all sectors, especially aviation, and emerge stronger for the long-term,” Tan, who’s the chairman and chief executive officer, said in a statement. In response to the coronavirus outbreak, the Philippine government has banned travel to Hong Kong, along with Macau and mainland China. Earlier this month, the Philippines' Labor Department announced that it would offer financial assistance and temporary housing to workers who'd gotten stranded in the capital en route to their jobs overseas.Bankruptcy experts say the U.S.

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