Original title: Philippine Airlines applies for bankruptcy Protection order Source: CCTV News client
On September 4, local time, Philippine Airlines issued a statement saying that it had applied for a bankruptcy protection order in New York on September 3.
The aim is to reduce the company's debt by $2 billion through a restructuring plan and cut capacity by 25 per cent. The restructuring plan also includes $505 million in equity and debt financing from major shareholders and $150 million in debt financing from new investors. But the restructuring plan still needs to be approved by the court in New York.
Philippine Airlines said that the COVID-19 epidemic had a great impact on the aviation industry, Philippine Airlines applied for bankruptcy protection order to overcome this difficult situation. Under the bankruptcy protection order, the company will maintain normal operation and passengers and employees will not be affected.
Philippine Airlines, founded in 1941, is the national flag carrier of the Philippines. (Huang Zhengzheng, a reporter from the front desk)