BRIEF-Philippine Airlines Inc. (Pal) Wins Court Approval Of Recovery Plan

Dec 17 (Reuters) – Philippine Airlines Inc [RIC:RIC:PHL.UL]:

• PHILIPPINE AIRLINES INC. (PAL) WINS COURT APPROVAL OF RECOVERY PLAN

• PHILIPPINE AIRLINES INC – EXPECTS TO EMERGE FROM ITS COURT-SUPERVISED CHAPTER 11 PROCESS BEFORE END OF 2021

• PHILIPPINE AIRLINES INC – U.S. COURT APPROVES PLAN TO SIGNIFICANTLY REDUCE DEBT, STREAMLINE FLEET AND ACQUIRE ADDITIONAL LIQUIDITY

• PHILIPPINE AIRLINES INC – EFFECTIVE DATE OF PLAN IS EXPECTED TO OCCUR BEFORE END OF 2021

• PHILIPPINE AIRLINES INC – PLAN PROVIDES FOR OVER US$2.0 BILLION IN PERMANENT BALANCE SHEET REDUCTIONS FROM EXISTING CREDITORS

• PHILIPPINE AIRLINES INC – PLAN ALLOWS PAL TO CONSENSUALLY CONTRACT FLEET CAPACITY BY 25%

• PHILIPPINE AIRLINES INC – PLAN INCLUDES US$505 MILLION INVESTMENT IN LONG-TERM EQUITY AND DEBT FINANCING FROM PAL’S MAJORITY SHAREHOLDER

Source text for Eikon: [Bw5K0qMpa]

Further company coverage: PHL.UL

((Reuters.Briefs@thomsonreuters.com;))