PHILIPPINE Airlines’ (PAL) parent company resumed trading on Monday following a nine-month hiatus, as the pandemic-hit flag carrier continues to emerge from bankruptcy protection in December.
Shares of PAL Holdings were the third top gainer on Monday, closing at 6.61 apiece, up 9.26 percent or 0.56 centavos.
The PSE suspended trading of PAL Holdings in June 2021 when the airline was already reeling toward bankruptcy protection after an independent auditor found the company’s 2020 financial statement problematic.
PAL Holdings recently refiled an amended financial report, this time with an unqualified opinion from its auditor.
Philippine Airlines filed for Chapter 11 bankruptcy in a New York court in September and completed the process in December. Its business restructuring slashed $2.1 billion in debts and saw 20 aircraft returned to lessors.
Resumption of trade in PAL Holding comes as the carrier moves to recover from the Covid-19 pandemic, which has hammered global aviation.