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. Last Updated: 07/27/2016

PAL Plan Approved

MANILA, Philippines -- Stockholders of ailing Philippine Airlines approved its rehabilitation plan on Monday, along with a sharp decrease in the value of the company's stock.

The par value of one share was reduced to 1 peso from 5 pesos and the number of shares was boosted to 20 billion shares from 4 billion shares, PAL President Avelino Zapanta told reporters after a special stockholders' meeting.

Zapanta said management is confident it can secure workers' consent for a 10-year no-strike guarantee sought by prospective investors. Zapanta said over half of the airline's more than 8,000 workers have already signed an agreement that will guarantee industrial peace for 10 years in exchange for 60,000 shares of stock each.