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Philippine Airlines plans to seek court protection from creditors

Flag carrier pursuing job cuts, fleet reductions and fresh $505m lifeline

Philippine Airlines, the nation's flag carrier, is fighting for its survival amid the coronavirus pandemic.   © Reuters

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."

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