US court approves Philippine Airlines DIP funding

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American Airlines turns Seattle into an Asian hub

09/30/2021 – 01:37 UTC

American Airlines (AA, Dallas / Fort Worth) intends to make Seattle Tacoma International its gateway for most flights to Asia, with Washington State’s largest city becoming a second international hub alongside Los Angeles International and Dallas / Fort Worth.

This emerges from the remarks made by Brian Znotins, Vice President (Network Planning), during a recent employee interview, reported the Wing’s US blog View and Executive Traveler magazine.

When asked by ch-aviation, company spokesman Brian Metham said: “We are constantly reviewing our global network to ensure that we are connecting our customers to the destinations that are most important to them, from Los Angeles to Dallas-Fort Worth and Seattle. These removals offer our customers better Schedule and improved connectivity.

“American has proudly served LAX for nearly 75 years and remains committed to the Los Angeles market. We are currently investing in the LAX hub through an extensive multi-year construction program that will modernize our terminal and improve the customer experience while traveling. .

Philippine Airlines applies for recognition under PH laws

09/23/2021 – 12:12 AM UTC

Philippine Airlines (PR, Manila Ninoy Aquino Int’l) is seeking local courts to recognize its Chapter 11 bankruptcy proceedings in the United States, according to the airline’s President and Chief Operating Officer, Gilbert Santa Maria.

On a forum, he said the airline had requested that its Chapter 11 filing be recognized under the Philippine Financial Rehabilitation and Insolvency Act of 2010, or RA 10142, even though most of its investors and creditors were US residents.

As previously reported, the airline filed a voluntary application for discharge under Chapter 11 of the US Bankruptcy Act on September 3, 2021, which will enable it to restructure and reorganize its finances affected by the COVID-19 crisis. She hopes to finish the process before the end of the year. PAL Holdings, the publicly traded holding company of Philippine Airlines, and PAL Express (2P, Manila Ninoy Aquino Int’l) are not included in the Chapter 11 filing. The airline had lost $ 2 billion in revenue after pandemic travel restrictions crippled the aviation industry.

On September 17th …

Philippine Airlines is mortgaging older planes for credit

09/20/2021 – 14:46 UTC

Philippine Airlines (PR, Manila Ninoy Aquino Int’l) has pledged 15 aircraft, replacement engines and frequent flyer miles as collateral to secure the loans required as part of the ongoing restructuring process.

This is according to a notice dated September 17, 2021 of Filing Additional Restructuring Assistance Agreements (RSA) between Philippine Airlines and various counterparties in the U.S. bankruptcy court in the southern borough of New York, where the airline is voluntarily undertaking Chapter 11 bankruptcy proceedings with the aim of seeking bankruptcy To pay off $ 2.1 billion of its $ 6 billion debt.

This happened after the court recently received approval for up to 20 million tans. The DIP facility is to be split into two tranches of USD 250 million (Tranche A) and USD 255 million (Tranche B) with an interest rate of 9.5% pa, as the term sheet shows.

According to RSA, Philippine Airlines should put together the following security package …


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