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[EN] Philippine Airlines entra com pedido de concordata

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E a pandemia afeta mais uma companhia do Sudeste Asiático, depois da Thai, Garuda e Malaysia.

Philippine Airlines files for bankruptcy protection in US
Pandemic-hit flag carrier eyes raising over $600m from new and existing investors

September 4, 2021 10:38 JST

MANILA -- Philippine Airlines on Saturday said it filed for bankruptcy protection in the U.S., paving the way for a crucial restructuring to help the flag carrier survive the COVID-19 crisis.

The pre-arranged Chapter 11 petition was filed in a New York district court, the company said, following an agreement with creditors, lessors, suppliers and its majority shareholder.

The restructuring plan, subject to court approval, provides Philippine Airlines with over $2 billion in payment reductions and allows the airline to cut its fleet size by 25%.

The airline also plans to raise $505 million in long-term equity and debt financing from the group of billionaire and company chairman Lucio Tan -- the airline's majority shareholder -- and $150 million of additional debt from new investors.

The company has been preparing since late last year for the court-backed restructuring amid turmoil in the travel and tourism industries due to the coronavirus pandemic. The company has laid off a third of its work force and pushed back deliveries of new aircraft.

The airline, partly owned by Japan's ANA Holdings, said business will continue during the Chapter 11 process.

"We welcome this major breakthrough, an overall agreement that enables PAL to remain the flag carrier of the Philippines and the premier global airline of the country, one that is better equipped to execute strategic initiatives and sustain the Philippines' vital global air links to the world," Tan said in a statement.

Philippine Airlines said it is also completing a parallel corporate rehabilitation filing in the Philippines. The airline said its Manila-listed parent PAL Holdings, which has been under trading suspension since June, and affiliate Air Philippines are not part of the bankruptcy protection process.



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1 hour ago, A345_Leadership said:

Mais B77W e A350 no mercado de segunda mão, quem tem dinheiro para renovar a frota ou expandir, é a chance.

Pra expandir no inter, pelo menos nos 2 próximos anos, só que for no Cargo. Os 77W têm + chance.

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Uns falam 21, outros 22 aviões devolvidos.

“Philippine Airlines plans to cut 21 aircraft from pre-pandemic fleet, including four of six A350s and four of 10 B777-300ERs.  Most of the cuts are in the widebody fleet, with A330s also affected.”



Philippine Airlines to delay or drop Airbus orders in rehab plan

Carrier aims to exit bankruptcy process this year as it seeks new investors



September 6, 2021

Philippine Airlines will delay or cancel the delivery of over a dozen Airbus planes, company officials said on Monday, adding that the distressed flag carrier is looking to emerge from bankruptcy protection by year-end.

The airline was supposed to receive 13 narrow-body aircraft from European manufacturer in the next five years, until the coronavirus pandemic hammered the aviation industry.

"We were able to get the support of Airbus to basically postpone those deliveries and give us an option to cancel some of those aircraft beyond 2026 to 2030 ... depending on how this recovery shapes up," Nilo Thaddeus Rodriguez, the airline's chief financial officer, said in an online news conference on Monday.

Philippine Airlines on Sept. 3 filed a "pre-arranged" Chapter 11 petition in the U.S. state of New York. The first hearing is set for this week, and the carrier aims to emerge from the bankruptcy process by the end of the year, airline president Gilbert Santa Maria said in the same briefing.

"Once we exit before the end of the year, we're done. We will have a lighter balance sheet. We will have new capital, and our cost structure will be a lot lighter," Santa Maria said.

"I don't anticipate anything other than, you know, an asteroid hitting Manhattan to stop us from exiting," the president said.

The Chapter 11 filing comes after a year of negotiations with over 40 parties, including suppliers, creditors and lessors, which agreed to cut Philippine Airlines' financial burden by over $2 billion and allow it to shrink its fleet by 25%.

The company will return 22 aircraft, leaving it with 70 planes after the process, Santa Maria said.

Billionaire Lucio Tan, who controls Philippine Airlines, is set to inject $505 million into

the company, a portion of which will be converted into equity. A further $150 million in new debt is being arranged.

Philippine Airlines said it would welcome financial backing from the government, which has expressed reluctance to rescue airlines. "You can never be too sure how this recovery or this pandemic plays out, so having them behind [the company] post-Chapter 11 is something we can explore and work out with them," Rodriguez said.

The company said it will be business as usual during the restructuring, and expects revenue this year to be a third of the pre-pandemic level in 2019.

"We don't see demand coming back to pre-pandemic level until 2024 or 2025," said Dexter Lee, chief strategy and planning officer.

The company plans to add flights as travel restrictions are relaxed, and to boost its cargo business. Dedicating aircraft as cargo freighters "is certainly a possibility," Santa Maria said.

"Our business plan is not anything extraordinary. We are not going to do what AirAsia did," Santa Maria said, referring to the Malaysia-based regional budget carrier which is looking to become a super app like Grab.

"We are a traditional carrier. We are going reinforce our core business, improve our brand, improve our marketing and recover that way."

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  • 1 month later...

O tráfego longhaul da PR é baixo yield, melhor concentrar em poucos pontos e incrementar as parcerias.

Vamos ver como fica a ANA nesta reestruturação, pois seria a chance de ampliar as conexões para EUA e Europa via Tokyo.

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4 minutes ago, Nicholas773 said:

Achei interessante o plano da PR.... parece realmente ser bem pé no chão e razoável, e diferente do que eu esperaria pra uma empresa Estatal

A PR não é estatal, pertence ao Lucio Tan e uma parte (8-10%) à ANA Holdings.

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Just now, A345_Leadership said:

A PR não é estatal, pertence ao Lucio Tan e uma parte (8-10%) à ANA Holdings.

Ah, perdão.
De qualquer maneira, a empresa parece estar seguindo um bom caminho

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  • 2 months later...

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