Read this in The Manila Times digital edition.
PHILIPPINE Airlines (PAL) said on Saturday it was filing for bankruptcy in the United States to slash $2 billion in debt as it tries to survive an industry gutted by the coronavirus pandemic.
The national carrier of the Philippines said the filing will allow it to restructure contracts and cut debt by at least $2 billion while getting $655 million in fresh capital when it emerges from the Chapter 11 process.
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