Philippine Airlines welcomed 2022 on a positive note as it officially climbed out of its financial restructuring plan, driving its recovery hopes.
In a statement Friday night, the flag carrier said it emerged from its voluntary Chapter 11 proceedings, slashing over $2 billion in debts. This came four months after the Tan-led airline filed for bankruptcy protection in the United States in September.
"Our mission as the flag carrier matters more than ever, and we are thankful for the chance to rebound from the pandemic and continue to fulfill this mission as best as we can," he added. The Philippines has already recorded 14 Omicron cases, three of which are local cases. With a high possibility of local transmission, Metro Manila will be placed under Alert Level 3 from Jan. 3 to 15.
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