Tycoon Lucio Tan has extended a bridging loan to Philippine Airlines as the country’s flag carrier sank deeper into the red, with a record net loss of 73 billion pesos ($1.5 billion) for full-year 2020.
The funding support from the company’s majority shareholder along with the deferred payments to aircraft lessors, lenders and other suppliers is helping the airline navigate through the challenging business environment brought on by the Covid-19 pandemic, the flag carrier’s parent PAL Holdings said in a filing yesterday to the Philippine Stock Exchange. The company didn’t disclose details of the bridging loan.
PAL, which counts Tan and Japan’s ANA Holdings among its biggest shareholders,
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