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PAL: Bankruptcy filing not a definite option yet
Philippine Airlines parent PAL Holdings said on Wednesday, June 23, that its board of directors has yet to approve filing for bankruptcy protection in a US court, amid reports that it already has a target date.
The Philippine Daily Inquirer on Wednesday reported that PAL is supposedly filing for creditor protection in a New York court next Tuesday, June 29, citing industry sources.
“We are not aware of the dates of filing referred to,” said PAL Holdings in a disclosure to the local bourse.
“Consistent with our earlier disclosure, the board of PAL has not approved any definite option as of this date, therefore, the remedy and dates stated therein are at best mere conjecture of the industry sources they claimed to have based them on.”
The flag carrier earlier said it is now in the “final stage” of comprehensive restructuring, leaving out information on the rumored filing.
PAL losses reached P73 billion in 2020 – the fourth year it sank into the red.
