Debt Restructuring Cost PAL $3 Million in Consultancy Fees

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Philippine Airlines (PAL) successfully restructured crippling debts and exited a US Chapter 11 bankruptcy process in just four months with a steady management team at the helm and the full financial backing of owner, billionaire Lucio Tan, the Philippine Daily Inquirer reported. The flag carrier was also aided by a small army of international legal and financial consultants, who earned fees of almost $3 million (P150 million) advising the carrier during the creditor protection plea, a recent court filing showed. The payments include $1.34 million to Debevoise & Plimpton LLP, which rendered legal services and advice on obtaining financing during the bankruptcy plea. Another $640,167 was paid to Seabury Securities LLC and Seabury International Corporate Finance LLC. Read more.