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Philippines: PAL faces debts, turmoil

Article Abstract:

Philippine Airlines' (PAL) pilots' strike has precipitated the carrier's crisis which is said to have piled up quietly since the airline was privatized in 1992 and acquired by its current chairman Lucio Tan. PAL is facing several current financial and personnel problems including the dismissal of its 600 striking pilots and 5,000 members of its ground and cabin crews and the cancellation of many of its international routes. The airline has suspended payments on its $2 billion debts and is considering the reduction of its fleet from 54 planes to 14 planes. PAL president Jose Garcia is also considering the closure of the carrier as an option.

Comment:

Its pilots' strike has precipitated the carrier's crisis which is said to have piled up quietly since the airline was privatized

Strategy & planning, Philippines, Article

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PAL faces debts, turmoil

Article Abstract:

Philippine Airlines (PAL), the Philippines' flag carrier, is currently plagued with financial and management problems. PAL pilots have gone on strike to oppose the firm's prerogative contained in a clause in their contracts that would forcibly retire them after 20 years of service or a 20,000 mileage. Payments to the firm's $2 bil debts have been suspended. The airline company has streamlined its international operations but have resumed regular services to and from Manila, Philippines to Singapore, Hong Kong, Narita, Japan, Los Angeles and San Francisco, CA. Most of its striking pilots and ground employees have been retrenched.

Human resource management

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Tan plans to double Philippine Air stake to tighten control

Article Abstract:

Filipino tycoon Lucio Tan has announced plans to infuse an additional $190.8 million into Philippine Airlines in a new effort to consolidate control over the company. Tan has reportedly reached an agreement with the Philippine government to purchase 1 billion new shares at the price of five pesos for each share. Tan is planning to take on a partner to help pay for the transaction.

Investments, Securities, Tan, Lucio

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