Phillipine Airlines going out of business
Sep 17, 1998, 8:29 am
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Phillipine Airlines going out of business
Thursday, September 17 1998 10:12 AM EDT
MANILA, Philippines (Reuters) - Philippine Airlines, ravaged by labor conflicts and citing ``enormous losses,'' Thursday announced it was shutting down after 57 years of operation, the biggest Philippine company to fold as a result of Asia's economic crisis.
``We are deeply saddened to announce that at midnight of September 23, Philippine Airlines will close following the breakdown of negotiations between management and the labor unions,'' management said in a statement.
``Closure is inevitable because this is the only way to preserve the company's assets to ensure their orderly liquidation and disposition to creditors and other claimants.''
The long-suffering airline had been hammered by the year-long Asian currency crisis and was finally brought to its knees in June after its 600 pilots went on a 22-day strike.
At the time, the airline had a fleet of 54 aircraft flying to 36 domestic destinations and 28 foreign cities.
MANILA, Philippines (Reuters) - Philippine Airlines, ravaged by labor conflicts and citing ``enormous losses,'' Thursday announced it was shutting down after 57 years of operation, the biggest Philippine company to fold as a result of Asia's economic crisis.
``We are deeply saddened to announce that at midnight of September 23, Philippine Airlines will close following the breakdown of negotiations between management and the labor unions,'' management said in a statement.
``Closure is inevitable because this is the only way to preserve the company's assets to ensure their orderly liquidation and disposition to creditors and other claimants.''
The long-suffering airline had been hammered by the year-long Asian currency crisis and was finally brought to its knees in June after its 600 pilots went on a 22-day strike.
At the time, the airline had a fleet of 54 aircraft flying to 36 domestic destinations and 28 foreign cities.
