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.
is PAL pushing through with its 10-abreast 3-4-3 layout in Economy on their A35K?
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