US court allows PAL to access $20-M bankruptcy financing

Philippine Airlines / Edd Gumban, file

MANILA, Philippines — Philippine Airlines announced Friday it secured a clearance from a US bankruptcy judge to access funding needed for its restructuring, in what the company called an “initial milestone in recovery”.

In a statement on Friday, the loss-making national carrier, which filed for Chapter 11 bankruptcy in New York last September 3, said it got an approval from the US court to tap the first $20 million of a debt and equity funding totaling $505 million.

The clearance was granted by Judge Shelley Chapman of the US Bankruptcy Court in New York, documents showed.

Full Story: https://www.philstar.com/business/2021/09/10/2126256/us-court-allows-pal-access-20-m-bankruptcy-financing