Airline has money problems – level 1

14-09-2021 07:00

Philippine Airlines has problems with money. The airline files for bankruptcy on Monday. Bankruptcy means that the company cannot pay its debts.

The problems start during the coronavirus. People cannot travel. Airlines do not make money.

Philippine Airlines has a plan. The plan will solve the company´s problems. The airline will return 22 planes which it leases from other companies.

Some companies will also help pay the airline´s debts. They will pay 150 million dollars. The company may get out of problems in 2024 or 2025.

Some airlines start doing business again. Airlines in countries like the US or China are still having problems. The reason is the delta variant of COVID-19.

Difficult words: debt (the money which somebody has to pay to somebody else), lease (to use something that belongs to somebody else), delta variant (a new type of the coronavirus or COVID-19).

You can watch the original video in the Level 3 section.

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