Today
September 3, 1998
News
FORMAL claims against crippled national flag carrier Philippine Airlines Inc., of tobacco and beer magnate Lucio Tan since it has sought debt relief from the Securities and Exchange Commission (SEC) in June have reached P1 billion.
Data from the SEC hearing panel headed by acting SEC chairman Fe Eloisa Gloria showed that 11 companies have filed formal claims against Philippine Airlines.
The biggest claimant is the Philippine Airlines Employees' Association at P719.53 million for backwages of 9,000 employees.
The claims include P661.93 million back salary differentials and P57.6 million in attorney’s lien for the Vicente Ocampo and Associates law offices.
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