Lucio Tan throwing $505 million lifeline to PAL as part of airline's reorganization
MANILA - Tycoon Lucio Tan’s Buona Sorte Holdings Inc will infuse $255 million, or around P12.75 billion, in fresh capital into Philippine Airlines as part of the ailing carrier’s restructuring, PAL Holdings disclosed on Wednesday.
Upon issuance of new shares, BSHI is expected to own 46.77 percent of PAL Holdings. Added to two other Tan-led firms Cosmic Holdings Corporation and Trustmark, the Lucio Tan Group, will own 89.45 percent of PAL Holdings.“Also to be submitted for consideration of the minority shareholders at said meeting is the proposal to waive the requirement of the Exchange to conduct a rights or public offering in respect of the BSHI Shares,” the company said.
“Creditors may thereafter, at its discretion, swap its new PAI shares for shares of Issuer ,” PAL Holdings said.
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