A quick killing: plot thickens in struggle for Philippine Airlines
Article Abstract:
Philippine Airlines Chmn Antonio Cojuangco is being challenged by his erstwhile financial ally and tobacco magnate Lucio Tan after the discovery of a shady transaction. Cojuangcoallegedly is accused of selling PR Holdings shares to a foreign investor illegally for personal profit. PR Holdings is the consortium which holds 67% ofPhilippine Airlines shares it bought from the Philippine government on Mar 1992. Philippine Pres Fidel Ramos himself has stepped in to straighten out matters between the two parties which have both decided to buy-out each other'sshare blocks in the PR Holdings to gain major control of the airline.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Baling out: battle over Philippine Airlines takes surprise turn
Article Abstract:
Business traders familiar with the privatization plan of Philippine Airlines Inc were surprised over the decision of the Soriano family to sell their 8.9% PR Holdings share to businessman Lucio Tan, the largest single airline shareholder. PR Holdings is the consortium that controls the Philippine flag carrier. The move is considered much of a surprise because the Sorianos and Tan are viewed as bitterrivals in the Philippine brewing industry. The proposed sale, which has not been confirmed by the two groups, shall boost Tan's chances of controlling the airline with the total share of 49.5%.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Releasing the brakes: Philippine Airlines restructures its finances
Article Abstract:
PhilippineAirlines Inc (PAL) has restructred its finances before its leadership problemswere resolved. As of 1991, PAL has accumulated a capital deficit of $430 million due to massive losses in the domestic flights, large debts, increased fuel prices and gross mismanagement. However for 1991-1992, PAL reports a net income of 1.1 billion Philippine pesos from losses of 3.3 billion pesos in 1990. This was attributed to the Philippine government's assumption of PAL's debts worth 13.5 billion pesos.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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