Philippine Airlines Inc. received U.S. court approval to access $505m in debtor-in-possession financing, which is core to its restructuring plan, Bloomberg News reported. “This important step confirms that our recovery process is on track,” Philippine Air President Gilbert Santa Maria said in a statement. Getting full access to the long-term equity and debt financing will give the Lucio Tan-led airline additional liquidity to meet obligations and continue operating as usual. It expects to emerge from chapter 11 bankruptcy before the end of the year, with a leaner fleet and fewer destinations as travel demand isn’t likely to recover anytime soon.
