22 April 2024
Amidst NAIA Slot congestion
PAL Holdings Doubles Capitalization to $536 Million
20 April 2024
Philippine Airlines Holdings Inc. (PAL Holdings) parent of flag carrier Philippine Airlines (PAL) has secured regulatory approval from the Securities and Exchange Commission (SEC) to proceed with the increase of its authorized capital stock to US$ 536 Million (₱30 billion) from $242 million (₱13.5 billion) to accommodate fresh capital investments from its stockholders.
The company said its authorized capital stock of ₱13.5 billion is close to being filled up as ₱11,610,978,242 shares has already been issued, mostly taken by the LT Group after incremental infusion of additional $505 million capital made during its bankruptcy proceeding in New York as a condition for it to be taken out of Chapter 11 (Bankruptcy protection). Additional equity was also sold to aircraft lessors and lenders. translating to about $525 million of investment commitments.
The proceeds of additional capital investments will in turn be use to finance new wide body orders of the airline which will be announce before the end of this year.
PAL earlier selected European plane maker Airbus SE for its long haul wide body fleet renewal program initially acquiring nine (9) A350-1000 in June of 2023 for first delivery in October of 2025 staggered until 2027. The company said it will firmed the remaining three optional orders before the end of this year.
PAL Finally Secures Seattle
Flight Begins October 2
Flag carrier Philippine Airlines (PAL) will finally fly Seattle beginning October 2 on thrice a week service to Manila every Wednesdays, Fridays and Sundays on board Boeing 777-300ER. Our previous report is here
PR124 leaves Manila at 10:40pm arriving Seattle Tacoma Airport at 7:15pm on the same day. Return flight PR125 leaves Seattle at 11:40pm arriving Manila at 4:45am.
Port of Seattle Commission Vice President Toshiko Hasegawa said “Nonstop service to Manila has long been one of our most frequently requested routes, and we’re thrilled that this new flight will not only serve the Puget Sound’s Filipino community but anyone who is interested in exploring the rich history, beauty, and hospitality of the Philippines.”
According to Hasegawa, Manila is Washington's largest unserved international market, with Philippine bound passengers taking connecting flights in Seoul, Tokyo, and Taipei.
Washington state is home to the country’s fourth-largest Filipino population, next to California, Hawaii, and Texas.
“We’ve been looking forward to this announcement for some time and are excited to welcome Philippine Airlines to our region,” said Lance Lyttle, Managing Director of the Port’s Aviation Division.
PAL was supposed to fly in May of 2020 before dispute with United Airlines caused it to postpone the relaunching at a later date. Dispute with UAL was resolved last year with UA launching flights from San Francisco to Manila.
PAL last flew to Seattle in 1998 with MD-11 aircraft.
Re-Introductory fares begins at US$797 one way, and $1,121 for return flight to Manila.
Seattle is the fifth destination of PAL in the United States after Los Angeles, San Francisco, Honolulu, and New York. It manifested intent to fly Houston and Chicago as their sixth and seventh destination by 2027.
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