Philippine Airlines announces restructuring

Philippine Airlines has announced a large restructuring which is put in place to ensure that the airline survives the current crisis infliced by the pandemic. As part of the restructuring the airline will seek Chapter 11 bankruptcy protection in the US and also reduce its fleet with about 25%.

In total the airline is set to return 22 aircraft to their lessors. It's, however, unknown what the exact types are at this stage. Philippine Airlines also secured an agreement with Airbus to delay the delivery of its thirteen remaining A321neos on order with the additional possibility to even cancel some of them. The aircraft are now scheduled somewhere between 2026 and 2030.

During the restructuring, the airline plans to operate as normal and expects pre-Corona demand to return, at the earliest, by end 2024. Today, the fleet consists of seven A320s, 22 A321s, eight A321neos, fifteen A330-300s, three A350-900s and ten B777-300ERs. 

Photo by Airbus.