Adds particulars, background MANILA, Nov 25 (Reuters) - Phi
Adds particulars, background
MANILA, Nov 25 (Reuters) – Philippine Airways PHL.UL plans to hunt court docket safety from collectors whereas it pursues debt restructuring with authorities assist, the finance minister mentioned on Wednesday, because it fights to outlive a pandemic that has battered the business globally.
The loss-making flag service, partly owned by Japan’s ANA Holdings Inc 9202.T, knowledgeable the ministry of its plans final week however gave no particulars as to what sort of authorities help it wants, Finance Secretary Carlos Dominguez informed reporters.
Philippine Airways, which final month introduced a discount of two,700 jobs, or a 3rd of its workforce, didn’t instantly reply to request for remark.
As of end-September, the listed operator of Philippine Airways reported 198 billion pesos ($4.12 billion) in lease and long-term money owed.
Web losses in January to September surged to 28.9 billion pesos, greater than 3 times the 8.5 billion for a similar interval of final yr.
Philippine Airways halted operations in mid March because the nation imposed one of many world’s strictest and longest coronavirus lockdowns. It’s slowly growing operations amid pandemic journey curbs.
(Reporting by Neil Jerome Morales; Enhancing by Martin Petty)
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