Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Philippine Airlines will return 22 aircraft to lessors and has negotiated a delayed delivery of 13 Airbus narrowbody jets after filing for Chapter 11 bankruptcy in the US. 


According to media reports, the carrier is looking at a $2bn debt cut under the current rehabilitation plan. It has also discussed canceling some Airbus deliveries from 2026-2030 as it does not expect air travel to return to pre-pandemic levels until at least 2024-2025. 


After returning the leased jets, the company will operate 70 units, about three-fourth of its current inventory. The airline’s majority shareholder, PAL Holdings, will also lend it $505mn in long-term debt equity and finance. 

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