Philippine Airlines’ (PAL) publicly-listed parent company saw losses soar nearly 600 percent to a record P71.8 billion in 2020 as the air travel business was decimated by the global health crisis.
PAL Holdings Inc.’s full-year results showed the extent of the damage unleashed by the COVID-19 pandemic and also the remarkable steps PAL took to survive its fourth consecutive year in the red.
PAL said in its 2020 report these included cutting costs and suspending long-term debt payments to lenders since April last year—triggering default provisions.
It also revealed plans by the major stockholder, led by billionaire Lucio Tan, to raise up to P24.25 billion in fresh financing, whic…
Keep on reading: PAL losses swelled to P71.8B in 2020