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

December 17, 2021By 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;))

This article originally appeared on reuters.com

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