Philippine airlines

In a disclosure to the Philippine Stock Exchange (PSE), the company said the move is part of PAL's restructuring, “parts of the debts of the unsecured creditors ...

(PHI) announced on Monday that its board of directors approved an exchange ratio of 15.57 PHI shares to one Philippine Airlines, Inc. Under the reorganization plan, PAL offered the impaired creditors a mechanism to swap their PAL shares into shares of PHI “so that they would have the ability to trade them on the PSE.” In a disclosure to the Philippine Stock Exchange (PSE), the company said the move is part of PAL’s restructuring, “parts of the debts of the unsecured creditors were impaired and converted into equity of PAL.”