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Philippine Airlines files for Chapter 11 bankruptcy in US amid COVID-19 crisis

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Content Team
Image Credit: wikimedia commons

The Philippine Airlines (PAL) has filed for Chapter 11 bankruptcy in the US to pursue a restructuring plan to keep the company afloat amid the Covid-19 pandemic, the flag carrier said on Saturday. The airline said the move is "to allow the company to successfully restructure and reorganise its finances to navigate the Covid-19 crisis and emerge as a leaner and better-capitalised airline", reports Xinhua news agency.