Philippine Airlines said on Friday that it has filed for Chapter 11 bankruptcy in the United States which will allow the airline to restructure and reorganize its finances impacted by COVID-19 crisis.
The restructuring plans also includes US$505 million in long-term debt equity and debt financing from the airline's majority shareholder and US$150 million of additional debt financing from new investors, the company said. Rolls-Royce and Lufthansa Technik are among the largest unsecured creditors in the company, according to the court filing.
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