Philippine Airlines files for bankruptcy in the United States

Philippine Airlines has announced that it has filed for bankruptcy 11 in the United States. The company said the move would help restructure and restructure its funds affected by the epidemic. Chapter 11 is often referred to as “Restructuring Bankruptcy”.

It is intended for companies that want to keep their operations running but need time to restructure their funds. The restructuring plan has not yet been approved by the court and includes $ 505 million from the majority shareholders of the airline and an additional $ 150 million in financing from new investors. As can be seen from the court application, own Rolls Royce And one of Lufthansa Technic’s largest unsecured lenders.

Further. This also applies to customers.