Bankrupt Philippine Airlines returns jets

Philippine Airlines has set out a survival plan.

On Monday (September 6) the country's flag carrier said it would return 22 of its jets to leasing companies.

That after it filed for bankruptcy protection last week in the U.S.

The airline is now pursuing a financial restructuring.

That will see it cut $2 billion in borrowings, and raise new finance.

But it doesn't expect a recovery to pre-crisis levels of business until 2024 or 2025.

Speaking Monday, Chief Financial Officer Nilo Rodriguez said the company was trying to assess where a recovery would come from:

"What we had to look at the whole network in terms of determining the fleet that we would be using for the recovery was, really where, how and where the demand come back quickest, and we believe that this will happen in the short haul, and in the regional markets for Philippine Airlines."

Monday's moves will leave Philippine Airlines with 70 jets, down from 92.

As part of the survival plan it is also postponing the delivery of 13 new planes from Airbus.

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