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Manila Bulletin devider Business devider The Stock Market devider Creditors swap PAL shares for P27.4 B of PHI

Creditors swap PAL shares for P27.4 B of PHI

Published Jul 4, 2023 06:58 am
Creditors of Philippine Airlines (PAL) are swapping their shares in the flag carrier for the stock of its holding company PAL Holdings Inc. (PHI) with a market value of about P27.4 billion. In a disclosure to the Philippine Stock Exchange, PHI said it has amended its pending application for increase in authorized capital stock filed with the Securities and Exchange Commission to include the additional subscriptions in support of the increase. “Specifically, in addition to the cash previously received by the Corporation as payment for the shares to be issued from the increased capital, the Corporation also received (323.77 million) Common Shares in its subsidiary, Philippine Airlines, Inc. (PAL) owned by certain creditors of PAL in exchange for (5.04 billion) new Common Shares of the Corporation at the rate of 15.57 PHI shares for every 1 PAL share,” the firm said. The new PHI shares will have a par value of P1.00 per share but, as of this writing, PHI shares were trading at P5.44 per share at the PSE. The unsecured creditors include Philippine National Bank but consist mostly of foreign aircraft leasing and financing companies as well as parts suppliers. While the PHI Board of Directors approved last February the issuance of up to 5.62 billion PHI shares PHI in exchange for up to 360.67 million PAL shares, only 5.04 billion new PHI shares shall be issued to the unsecured creditors of PAL as not all participated in the share swap transaction. The creditors of PAL who participated in the share swap transaction are not acting in concert and have individually subscribed to new Common shares of the Corporation. None of the said participating creditors of PAL are related parties to the Corporation except for PNB. PHI is seeking to increase its authorized capital stock to P30 billion from P13.5 billion to accommodate the fresh infusion of capital into the Company by an affiliate company of the Lucio Tan Group of Companies. The new capital will in turn be invested into PAL, pursuant to the court-supervised reorganization of PAL.
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