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Tracking a falling star

Article Abstract:

Philippine Airlines (PAL), which is owned by Lucio Tan, is being crippled by a pilots' strike which has lost the airline $50 million in two weeks. PAL could collapse if other staff join the strike. The spreading economic crisis in Asia reduced the amount of air traffic, losses increased and PAL had loans worth $2 billion. Managers of PAL decided to sack about 33% of its pilots to save money and did not expect them to strike. They did, and PAL retaliated by sacking all pilots who did not report for work on June 9. The airline may close if the situation is not resolved.

Strikes, Labor relations

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What, me worry? Philippine tycoon Lucio Tan proves as defiant as ever

Article Abstract:

Lucio Tan's challenges to Philippine President Fidel Ramos have grown more open following the failures of Ramos's legal attacks on him. Tan recently and quietly maneuvered to seize management control of Philippine Airlines by ousting Ramos's hand-picked chief executive. Ramos has publicly backed an effort to convict Tan of tax evasion in connection with the magnate's flagship Fortune Tobacco company, a move that followed Tan's backing of a Ramos opponent in the 1992 elections.

Management, Finance, Tan, Lucio

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A deal in the air: share auction may break Philippine Airlines impasse

Article Abstract:

Philippines central bank head and Philippine Airlines vice-chairman Gabriel Singson hopes to revive PAL through an auction of 600 million new shares worth 37.5% of the overall equity. The airline has struggled recently, losing 1.7 billion pesos in 1994, and a mgmt fight between top shareholder Lucio Tan and his foes has locked up the boardroom. Singson wants govt bodies that hold 28.9% of PAL to promise to vote their shares in accord with the buyer of the new share block.

Securities, Philippines

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