THE PHILIPPINES
Airline Moves On After Ownership Battle: Now that the dust is settling after a bitter ownership battle for Philippine Airlines, the company hopes to proceed with a planned Eurobond offering and with deposit payments owed to Boeing Co. for jets already ordered, Edgardo del Fonso, the airline’s chief financial officer, said. Plans for the $60-million to $100-million Eurobond offering, PAL’s first, were put on hold in January after an ownership tug of war developed between Lucio Tan, a major airline investor, and Antonio Cojuangco Jr., then PAL’s chairman. Tan, a beer and tobacco mogul, won the battle for control this month.
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