Creditors of struggling airline PT Garuda Indonesia have submitted about 198 trillion rupiah (US$13.8 billion or about RM58.21 billion) in claims as part of a debt restructuring, according to court-appointed administrators.
Philippine Airlines Inc (PAL) said it has emerged from bankruptcy after a US court approved its plan to slash up to US$2 billion in debt and obtain additional capital.
The national carrier of the Philippines filed for bankruptcy in the US in September last year, seeking relief from creditors as it tried to survive the devastation unleashed on the airline industry by the COVID-19 pandemic.
Its court-approved reorganization plan includes a US$2 billion debt reduction and additional liquidity of US$505 million from its main shareholder, PAL said in a statement on Friday.
It also has the option to obtain up to US$150 million
(Bloomberg) Philippine Airlines Inc. received approval to tap $150 million in additional financing and plans to cut its debt by $2 billion, after winning approval last month from a U.S. court for its reorganization plan.
Philippine Airlines Inc. won court approval for its reorganisation plan, paving the way for the carrier to exit bankruptcy, cut $2 billion in debt and revive its fortunes after a slump in international travel due to the pandemic.