The Manila Times
Wednesday, December 16, 1998
Reuters
Three foreign leasing firms have asked the Securities and Exchange Commission (SEC) to order ailing Philippine Airlines Inc. (PAL) to return four Boeing 737-300 aircraft and some spare parts.
In a filing to the SEC obtained yesterday, General Electric Capital Corp., GPA Group Plc and Airplanes Finance Ltd urged the SEC to compel PAL to deliver the leased assets to the Shannon International Airport in Ireland.
The three firms made the petition after PAL, Asia’s oldest airline, submitted a rehabilitation plan to the SEC on Dec. 7.
The 57-year old PAL’s rehabilitation plan calls for debt restructuring, an infusion of fresh capital, and the slashing of routes and aircraft.
Beset by labor problems and huge financial losses, PAL shut down temporarily in late September and resumed operations after some weeks.
PAL’s efforts to lure a foreign partner have failed. Talks with Hong Kong’s Cathay Pacific Airways Ltd. and Northwest Airlines Corp. have broken down in recent weeks. (Reuters)
No comments:
Post a Comment