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Philippine Airlines' financial woes mount as restructuring looms

Parent PAL Holdings warns carrier 'will have a long way to go for recovery'

Philippine Airlines is in "the final stages of a comprehensive restructuring plan," according to parent PAL Holding. (Source photos by Reuters)

MANILA -- Financial woes continue to mount for Philippine Airlines even as the flag carrier's parent says it is in the "final stages" of a plan to restructure its debt.

PAL Holdings on Thursday reported a net loss of 8.6 billion pesos ($178 million) for the three months through March, while its capital deficit -- the difference between assets and liabilities -- worsened by nearly 10 billion pesos to 83.9 billion pesos over the three months.

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