MANILA, Philippines – After two years of bleeding due to the coronavirus pandemic, and financial woes even before the health crisis, flag carrier Philippine Airlines (PAL) is seeing a glimmer of hope.
PAL recently emerged from its voluntary Chapter 11 bankruptcy proceedings just four months after it started the process in the United States, noting that it is “well-positioned for long-term growth with a strengthened balance sheet, reduced debt, and additional liquidity.”
In 2022, it is rolling out its recovery plan, which includes the removal of $2 billion worth of debt and securing additional financing. It also aims to restore more routes, increase flight frequencies, and expand its cargo business.
In this first Business Sense episode for 2022, Rappler business reporter Ralf Rivas talks to PAL president and chief operating officer Gilbert Santa Maria about their recovery efforts, as well as his realizations as leader of the airline amid the worst health crisis in recent history. – Rappler.com
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