Philippine Air Exits Bankruptcy With Option to Tap Financing

Philippine Airlines Inc. received approval to tap $150 million in additional financing and plans to cut its debt by $2 billion, after winning approval last month from a U.S. court for its reorganization plan.

“There are immense challenges ahead, but we look forward to tackling them as a reinvigorated Philippine Airlines, better positioned for strategic growth to continue serving our customers,” President Gilbert Santa Maria said in an emailed statement Friday.

The flagship carrier, majority owned by billionaire Lucio Tan, is one of several to enter debt restructuring in the U.S.. Aeromexico and Colombia’s Avianca Holdings have both sought court ...