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Privatized in 1992., becoming a member of PR Holdings. 13% stake by DHL cancelled during 1994. Ceased ops briefly in 6/98 under a $3.2b debt, until workers received a 20% stake. 40% stake planned acquisition by Cathay Pacific in late 1998 was cancelled. Majority acquired in 1999 by Lucio Tan (also owner of Air Philippines), Philippines government keeping a 4.3% stake. Expected to create low-cost subsidiary Philippine Express in 2003, plan cancelled in favour of new low-cost Fiesta Air expecting start-up in 2004 and eventually abandonned. 81.57% of shares transferred in 8/06 to Baguio Gold Holdings (investment firm controlled by Lucio Tan), and organized as the main subsidiary of PAL Holdings (having 84.7% shares). Entered bankrupcy protection in 6/98, exited 4/10/07. Launched low-cost regional division PAL Express in 4/08 to operate turboprop equipment. Added on EU ban list 30/3/10 and subsequent dates. 49% stake purchased 3/4/12 by ConglomerateSan Miguel for $500m. Lucio Tan shares (sold back to Lucio Tan in 9/14 for $874m). Removed from EU ban list on 10/7/13. 9.5% purchased by All Nippon Airways Holdings (announced 29/1/19). Entered Chapter 11 on 4/9/21, continuing operations; exited on 31/12/21.
Philippine Air Lines
PAL
PR
PAL
Philippines
Manila
1941-1986
Formed from 1932-born Philippine Air Transport Company (PATCO). Started operations on 15/3/41. Acquired Far East Air Transport (FEATI) in 1947, Commercial AL in 1948, Transasiatic AL in 1950. Took-over Air Manila & Filipinas schedules in 1974. Nationalised 1977 when acquired by state pension funds.
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