PAL seeks local recognition of Chapter 11 rulings

Philippine Airlines said Tuesday that it has filed a petition before a Pasay City court seeking recognition of the proceedings and decisions of a United States bankruptcy court hearing its Chapter 11 case. “The recognition petition filed by PAL before a local court is a petition which aims to ensure that the Philippine legal system recognizes all proceedings and decisions rendered by the foreign court handling the Chapter 11 case,” PAL Spokesperson Cielo C. Villaluna said. “This was filed before a Pasay City court yesterday, Sept. 20,” she added. PAL filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York on Sept. 3. PAL has said that the bankruptcy protection filing will allow it to “successfully restructure and reorganize its finances to navigate the COVID-19 (coronavirus disease 2019) crisis and emerge as a leaner and better-capitalized airline.” Story has details.<br/>