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

---

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

---

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

Similar abstracts:

• Abstracts: Sequencing and due-date determination in the stochastic single machine problem with earliness and tardiness costs
• Abstracts: Pearson to sell German FT stake. BAE Systems sets integration deadline. Informa adds databases with Datamonitor deal: information provider continues expansion in $995 million pact
• Abstracts: Australia looks for ways to retain its attraction for Japanese tourists. Promoters tout Labuan as a tourist haven, too
• Abstracts: Hong Kong delirium grows for shares backed by China. Cheung Kong, Hutchison post poor earnings. Hutchison net surges 27%, Cheung Kong's rises 3.4%
• Abstracts: Too much interest? Missteps shake confidence in Thai central bank. Battling China's inflation

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.