Why franchises fare as badly as small restaurants amid COVID, Delta variant surge

Reuters

Philippine Airlines to return 22 planes, reassures on survival

Philippine Airlines will return 22 aircraft, mostly Airbus and Boeing jets, to lessors as it pursues a financial restructuring programme to survive after the pandemic has decimated global travel, executives said on Monday. Philippine Airlines last week filed for Chapter 11 bankruptcy https://www.reuters.com/article/philippine-airlines-bankruptcy-idUSL1N2Q600A in the United States, allowing it to continue operations and generate fresh capital. With the company not expecting a return to pre-pandemic levels until 2024 to 2025, the carrier will return 22 aircraft to lessors, Philippine Airlines President Gilbert Santa Maria told a news conference.