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PAL Receiver Accepts Cathay Pacific's Conditional Offer For Investment
Cathay Pacific moved one step closer to having a major role in running Philippine Airlines (PAL) yesterday as the Interim Rehabilitation Receiver of PAL accepted the Hong Kong-based carrier's conditional investment offer. Cathay reportedly plans to invest US$100 million in PAL, and PAL's major shareholder, Lucio Tan, would invest a smaller amount to rehabilitate the fledgling flag carrier.