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. Last Updated: 07/27/2016

PAL Accepts Cash Offer

MANILA, Philippines -- Ailing Philippine Airlines has accepted an investment offer from Hong Kong's Cathay Pacific Airways, the two companies announced Tuesday.

The two airlines will now draw up a comprehensive plan to rehabilitate PAL, they said in a statement. The amount of capital to be infused by Cathay Pacific is still to be determined, they said.

It will be accompanied by an additional investment by Lucio Tan, PAL's current chairman and main stockholder, the companies added.