Report, Image by: Gan Yung Chyan, KUCINTA SETIA
News (1)
Philippine Airlines emerges from bankruptcy protection
According to Philippine Airlines on 31 December 2021, it has emerged from its voluntary Chapter 11 proceedings as a more efficient airline with a strengthened balance sheet, reaffirming its continuing role as the Philippines’ sole full-service airline with the largest international network.
Philippine Airlines successfully completed its financial restructuring within four months, in contrast to other airlines that remain in the Chapter 11 process more than a year after filing in 2020. It credits the strong support of its creditors and shareholders, the cooperation of its industry partners and the collective efforts of PAL employees around the world who sustained flights on multiple international and domestic routes throughout the restructuring period.
Philippine Airlines has streamlined operations with a reorganized fleet and is now better capitalized for future growth. The Company’s Plan of Reorganization, which was approved by the U.S. restructuring Court on 17 December 2021, provides for over US$2.0 billion in permanent balance sheet reductions from existing creditors, improvements in PAL’s critical operational agreements and additional liquidity including a US$505 million investment in long-term equity and debt financing from PAL’s majority shareholder.
The airline’s consensual restructuring plan was accepted by 100% of the votes cast by its primary aircraft lessors and lenders, original equipment manufacturers and maintenance, repair, and overhaul service providers, and certain funded debt lenders.
News (2)
Philippine Airlines plans to reinvest in its operations
Moving forward, Philippine Airlines will reinvest in its operations to better serve its valued customers by reinforcing its position as the Philippines’ sole full-service airline with the largest international network serving four continents, including the only nonstop flights linking the Philippines to the U.S., Canadian East and West Coasts, Hawaii, Brisbane, and Melbourne; the largest network of flights from the Philippines to multiple cities in Japan, Australia and the Middle East, along with convenient schedules to Hong Kong, Korea, Taipei, Singapore, Thailand, Indonesia, Vietnam and Malaysia; a high-frequency domestic network encompassing trunk routes to the major cities of Visayas, Mindanao and Luzon, as well as inter-island services to the nation’s tourist hot spots and paradise islands; and the only full-service options in Philippine domestic skies, including Business Class on many local routes.
Under the newly effective recovery plan, PAL has the option to obtain up to US$150 million in additional financing from new investors.
PAL reiterated its commitment to fulfill all refund obligations. The Company has cleared over 99% of past refunds and is now back to normal processing times for refunds, except for some 2020 cases that require validation procedures mostly involving third party providers.
Philippine Airlines Inc. was the only party included in the Chapter 11 filing; while PAL Holdings Inc., which is listed on the Philippine Stock Exchange (PSE: PHI), and Air Philippines Corporation, known as PAL Express, were not included in the Chapter 11 filing.
News (3)
Philippine Airlines plans long-haul flight to Tel Aviv
Philippine Airlines aims to restore more routes and increase flight frequencies as travel restrictions ease and borders reopen, including the resumption of regular flights to multiple cities in mainland China, full regularization of flights to Australia and the commencement of historic flight to Israel.
The airline is building on code sharing and interline partnerships to complement the airline’s current and future network and allow PAL passengers to enjoy better connections and access to more destinations through partner airlines.
News (4)
Digital transformation initiatives in Philippine Airlines
Philippine Airlines is accelerating digital transformation initiatives to deliver seamless and intuitive experiences to PAL customers, including a more personalized website and mobile app, a streamlined booking process that offers more flexible payment options such as e-wallets and installment plans, enhanced self-service options for rebooking and check-in, and improved chat facilities and inter-active voice response (IVR) functions through PAL’s contact centre.
It will roll out new product advancements within 2022, as part of a commitment to continuously upgrade services and the overall customer travel experience.
News (5)
Philippine Airlines celebrates 75 Years of connecting the Pacific
Image credit : Philippine Airlines
On 31 July 1946, Philippine Airlines became Asia's first airline to cross the Pacific Ocean. The pioneer DC-4 flight carried 40 American servicemen from Manila to Oakland, California, via Guam, Wake, Kwajalein and Honolulu.
No comments:
Post a Comment