Air Transport World

Philippine Airlines.

Philippine Airlines reportedly was on the verge of shutting down after the PAL Employees Assn. rejected a tentative aggreement under which they would agree to a 10-year moratorium on a collective bargaining agreement, "to ensure survival of the airline."

In return, Chairman Lucio Tan had agreed to transfer about 30% of his holdings in Pal to employees--equivalent to a 20% stake in the airline--effectively ceding three seats in the 15-member board of directors. …

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