Brewer San Miguel Corp. is investing $500 million in Philippine Airlines (PAL) and a sister airline for minority stakes, according to Reuters.
Brewer San Miguel Corp. is investing $500 million in Philippine Airlines (PAL) and a sister airline for minority stakes, according to Reuters. PAL, which reported losses of $33.5 million for the quarter ended Dec. 31, had temporarily slashed flight frequencies and restructuring to reduce costs since last fall (ATW Daily News, Oct. 3, 2011). PAL president Jaime Bautista said in a company statement the investment will “help the flag carrier in its re-fleeting program and make the ...
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