Philippine Airlines\u00a0(PR,\u00a0Manila Ninoy Aquino International) owner\u00a0PAL Holdings\u00a0announced in a Philippine Stock Exchange (PSE) disclosure on February 27 that its board of directors had approved that morning an exchange ratio of 15.57 of its shares to one share in Philippine Airlines for a planned equity swap.<\/p>\n
The holding company explained that \u201cas part of PAL\u2019s Chapter 11 restructuring, part of the debts of the unsecured creditors were impaired and converted into equity of PAL. These impaired creditors now own approximately 20.1% of PAL.\u201d<\/p>\n
PAL Holdings\u00a0exited Chapter 11\u00a0in New York in early January 2022 and\u00a0returned to the stock exchange\u00a0by the end of March.<\/p>\n
Under its company reorganisation plan, PAL Holdings offered the impaired creditors \u201ca mechanism\u201d to swap their PAL shares into those of Philippine Airlines \u201cso that they would have the ability to trade them on the PSE.\u201d<\/p>\n
PAL Holdings said it had commissioned an independent appraiser, FTI Consulting Philippines, to make a valuation of the two companies and \u201crender a fairness opinion on the share swap ratio.\u201d Using high and low estimates of the company\u2019s value, FTI concluded that a fair ratio would be in the range of 14.4261 and 16.7987, so 15.57 was agreed on.<\/p>\n
At the close of trading on the last day of February, PAL Holdings shares were little changed since November 2022, at PHP5.72 Philippine pesos (USD0.1033).<\/p>\n","protected":false},"excerpt":{"rendered":"
Philippine Airlines\u00a0(PR,\u00a0Manila Ninoy Aquino International) owner\u00a0PAL Holdings\u00a0announced in a Philippine Stock Exchange (PSE) disclosure on February 27 that its board of directors had approved that morning an exchange ratio of 15.57 of its shares to one share in Philippine Airlines for a planned equity swap. The holding company explained that \u201cas part of PAL\u2019s Chapter …<\/p>\n","protected":false},"author":1,"featured_media":3372,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[98,102],"tags":[],"class_list":["post-3371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","category-featured-en"],"yoast_head":"\n