The United States Chapter 11 court has approved all “First Day” motions for Philippine Airlines’ (PAL) voluntary restructuring following petitions filed on September 3, 2021. These approvals are an important step forward in PAL’s recovery plan, which allows PAL to reduce its aircraft-related obligations by US$2.1bn; obtain a US$505 million infusion of working capital to fund its ongoing operations during Chapter 11; optimise its fleet; and obtain US$150 million in debt financing from new investors to fund its restructuring. PAL’s major creditors include Goshawk (Nanshi Aviation Leasing), CIT, SMBC Aviation Capital, Voyager (via Panjun Aviation Leasing entities 1,2,3), Rolls-Royce, Lufthansa

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