A Philippine Airlines (PAL) rescue plan looks set to be pushed through despite opposition from its unsecured creditors.
The plan, submitted to the Philippine Securities and Exchange Commission, has been approved by UK, French and German Export Credit Agencies (ECAs), but looks likely to be rejected by unsecured creditors who may receive as little as ten cents for every dollar owed.
PAL must raise a $200 million capital injection by 4 June. Its debts total more than $2.2 billion.
Source: Flight International