Philippine Airlines has filed for Chapter 11 bankruptcy in the United States to pursue a lender-backed restructuring plan that aims to help the loss-making company get back on its feet following a pandemic-induced crash. The flag carrier's proposed restructuring, which is subject to approval by a court in the southern district of New York, includes an agreement with majority of aircraft lessors and lenders to reduce debt payments by over $2 billion and slash its fleet size by 25%, the company said in a statement on Saturday. The Chapter 11 filing, which allows a company to continue operations while it restructures its finances, was a product of discussions with key shareholders, PAL said in a statement adding the plan will not affect passengers and employees. The company will also complete a parallel filing for recognition in the Philippines under the Financial Insolvency and Rehabilitation (FRIA) Act of 2010.    “We welcome this major breakthrough, an overall agreement that enab

  Gulfstream Aerospace first production G700 set the ultra-long-range model inaugural city-pair speed records when it flew from its home base in Savannah Georgia, to Doha Qatar, and then on to Paris Le Bourget.  The aircraft performed “flawlessly” on both legs, in a statement by Gulfstream senior VP of worldwide sales Scott Neal. The fully outfitted G700 production test aircraft with registration number N706GD flew from Savannah Georgia to Doha, covering a distance of 6,711 nm at an average speed of Mach 0.88 in 13 hours and 16 minutes.  The aircraft then set another city-pair record from Doha to Paris, flying 2,953 nm in six hours and 15 minutes at an average speed of Mach 0.90. In keeping with the manufacturer's sustainability commitment, the G700 burned a blend of sustainable aviation fuel on the Savannah to Doha flight, while Gulfstream also purchased carbon offsets for both flights. The aircraft is being used to test the G700’s new luxurious cabin. Gulfstream decided not to ta