MANILA -- Philippine Airlines is poised to seek court protection for its debt restructuring as the pandemic-hit flag carrier fights for survival, Nikkei Asia has learned.
The company, which is cutting around 2,700 jobs, or a third of its workforce, is also looking to return around 20 of its leased aircraft to relieve a financial burden amounting to at least $1 billion and raise $505 million "for post-restructuring liquidity requirements."
