LONDON, UK: Avation Plc, the commercial passenger aircraft leasing company, advised that its customer Philippine Airlines Ltd (PAL) has exited bankruptcy and has received court approval for its restructuring plan which was effective 31 December 2021. Pursuant to an agreement with Avation, PAL has retained a Boeing 777-300ER aircraft on lease from Avation in accordance…
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Philippine Airlines files restructuring under Chapter 11
Avation and Philippine Airlines (PAL) have agreed terms for PAL to retain the use of a Boeing 777-300ER aircraft on lease from Avation. Philippine Airlines have advised that sufficient creditors, including Avation, have agreed to support the restructuring and the airline has a high level of confidence that the process will be completed successfully. A…