PAL prepares recovery plan, seeks protection

Philippine Airlines (PAL) announced on Wednesday that it was working on a plan to restructure its debt and rebound from the coronavirus disease 2019 (Covid-19) pandemic, which continues to expand the air carrier’s losses and to batter the industry worldwide.

In a statement, the Lucio Tan-led flag carrier said its “management and stakeholders continue to work on a comprehensive recovery and restructuring plan that will enable PAL to emerge financially stronger from the current global crisis.”