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Philippine Airlines files for bankruptcy protection in US

Pandemic-hit flag carrier eyes raising over $600m from new and existing investors

MANILA -- Philippine Airlines on Saturday said it filed for bankruptcy protection in the U.S., paving the way for a crucial restructuring to help the flag carrier survive the COVID-19 crisis.

The pre-arranged Chapter 11 petition was filed in a New York district court, the company said, following an agreement with creditors, lessors, suppliers and its majority shareholder.

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