THE Philippines' flag carrier, Philippine Airlines (PAL), announced on Friday, September 3, 2021 that it filed for bankruptcy protection under Chapter 11 in the United States to make way for its financial restructuring.
Chapter 11 is a globally recognized U.S. legal process that many airlines have used to reinvent themselves into more successful companies.
The restructuring will enable PAL to emerge with fresh capital, lower debt and a sturdier financial foundation for the future, it said.
PAL assured it will continue to fly and to serve its customers throughout this process.
"It is business as usual for us," PAL said in a statement on Saturday, September 4, 2021.
PAL said it will continue to increase domestic and international flights as travel demand recovers with the easing of travel restrictions, and roll out new products and services that help make flying safer and more convenient. (JOB)