PAL woes cloud tycoon Tan’s Sangley airport bid

The ongoing financial problems of taipan Lucio Tan’s Philippine Airlines (PAL) could weigh on the group’s bid to build a 500b pesos ($10b) international airport in Sangley Point, Cavite gov Jonvic Remulla said. PAL is considering a Chapter 11 petition in the United States to protect its assets from mainly foreign creditors and lessors while it finalises an estimated $5b debt rehabilitation plan to weather the Covid-19 pandemic. The rehabilitation proceedings could be filed as early as this month in New York – a venue used by other global airlines reorganising their businesses during the global health crisis. This is unfolding as Tan’s MacroAsia Corp is seeking to build the first phase of the Sangley Point International Airport. The first phase will cost an estimated 208.5b pesos. While the bidding was concluded a month before the pandemic caused lockdowns in the Philippines, the venture only recently submitted its final requirements to the Cavite government for evaluation. <br/>