"The carrier majority owned by billionaire Lucio Tan on Sept. 3 filed for Chapter 11 bankruptcy in New York with a lender-supported plan to help it recover after the pandemic devastated global travel. "
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"The Tan family firmly supports the restructuring process and vows to complete the carrier's recovery, PAL Director Lucio Tan III said in the same video message, reading the statement of his grandfather Lucio Tan."
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"Billionaire owner Lucio Tan has said previously that the airline, which was founded in 1941, was working on a comprehensive restructuring plan. "
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"Philippine billionaire Lucio Tan has been hospitalized after testing positive for the coronavirus, his daughter Vivienne Tan said."
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"San Miguel briefly entered commercial aviation in 2012 when it bought into Philippine Airlines Inc., but eventually sold the stake back to Lucio Tan in 2014."
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"The lender owned by billionaire Lucio Tan plans to realize the value of a 10-hectare property along Manila Bay, as well as an office building and a prime lot in the nation's main financial district in Makati City, said the person, who asked not to be identified as the plan has yet to be approved by shareholders and regulators."
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