Philippine Airlines parent posts record loss, readies restructuring plan

The parent company of Philippine Airlines' booked a record 73b pesos ($1.51b) loss in 2020, up seven fold from a year earlier, after the COVID-19 pandemic lashed the global aviation sector. In a disclosure, PAL Holdings Inc said it is in the final stages of putting together a debt restructuring plan for the flag carrier to help it through the crisis. Several other Southeast Asian airlines have already agreed restructuring plans or have sought approval for capital infusions and court-assisted debt relief. PAL Holdings said consolidated revenue at the airline fell 64% to 55.3b pesos last year due to travel restrictions imposed to prevent the spread of the novel coronavirus. "Philippine Airlines will have a long way to go for recovery," the company said. It is working on the final stages of a restructuring plan, including court-assisted protection, to improve the capital structure and meet obligations, it said. PAL Holdings had around $6b in liabilities as of end-December.<br/>