Lucio Tan plans to take national carrier public

Article Abstract:

Lucio Tan is planning to sell shares of Philippine Airlines (PAL) to the public as he attempts to avoid increased taxes and an external audit. However, Tan will keep controlling interest in the carrier for the time being.

Strategy & planning, Air Transportation, Scheduled, And Air Courier Services, Planning

---

PAL shakes up management: Chairman Tan gives up chief executive duties

Article Abstract:

Philippine Airlines (PAL) majority owner Lucio Tan has given up direct management control of the troubled airline to Luis Juan Virata, who has become acting CEO and Jaime Bautista, who has been appointed COO. Tan's action was seen as a bid to enable the airline to work out a salvage plan with its creditors. Mr Virata said that their objective was to develop a plan that would be acceptable to PAL's creditors, unions and investors.

Appointments, resignations and dismissals, Virata, Luis Juan

---

Tan's return to PAL puts him on a turbulent course; chief's plans to revive failing airline face intense opposition from creditors and unions

Article Abstract:

The return of Lucio Tan as the CEO of Philippine Airlines (PAL) and the departure of investment banker Luis Juan Virata, who took over for three months, have elicited complaints from different sectors. The Flight Attendants and Stewards Assn of the Philippines has declared the volatility of PAL management. Similarly, PAL's major creditors are complaining about the firm's lack of transparency and the unpredictability of its rehabilitation process. The labor unions are also worried about the negative consequences of Tan's return.

Officials and employees, Airline employees, Corporate turnarounds, Turnaround management

Similar abstracts:

• Abstracts: Vodafone turns attention to its Verizon partnership: failed AT&T Wireless bid leaves investors pondering state of existing venture
• Abstracts: Marsh faces hurdles to regain investor trust as it confronts additional set of allegations. Xerox's net falls but CEO declares turnaround done
• Abstracts: Neptune Orient agrees to sell train network of U.S. unit: $315 million deal will reduce shipper's debt load and help develop logistics business

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.