PAL Holdings, Inc. said Thursday that its board of directors has approved the appointment of Lucio C. Tan III, grandson of Chairman Lucio C. Tan, as vice-president of the company.
“Please be advised that at the meeting of the board of directors held on May 26, 2021, the board approved the appointment of Mr. Lucio C. Tan III as vice-president of PAL Holdings, Inc.,” the listed operator of the Philippine Airlines said in a disclosure to the stock exchange.
The appointment of the chairman’s grandson and son of the late Lucio “Bong” K. Tan, Jr. comes amid reports of bankruptcy protection plans.
The younger Tan “has served as director of the corporation (MacroAsia Corp.) since December 2019,” MacroAsia said on its website.
“Since December 2019, Mr. Tan has also served on the board of directors of the following corporations: LT Group, Inc., PAL Holdings, Inc., Philippine Airlines, PAL Express, Lufthansa Technik Philippines, Inc., MacroAsia Catering Services, Inc., MacroAsia SATS Inflight Services Corp., MacroAsia Airport Services Corp., MacroAsia Properties Development Corp., Belton Communities, Inc., Eton City, Inc. and First Homes, Inc. He is currently the President and chief executive officer of Tanduay Distillers, Inc.,” it added.
PAL said on May 11 that it was working on a “comprehensive restructuring plan that will enable PAL to emerge financially stronger from the current global crisis.”
In November last year, the Finance department said the flag carrier was planning to seek court protection from creditors as it was working on a debt restructuring plan.
PAL has yet to release its latest annual earnings report and its report for the first quarter of 2021.
To recall, PAL’s total revenues for the first nine months of 2020 stood at P45.29 billion, down 61.6% from the previous year’s P117.85 billion.
Its net loss to parent equity holders hit P28.85 billion, or more than three times the P8.49 billion recorded in 2019. — Arjay L. Balinbin