Airline has money problems – level 2
Philippine Airlines filed for bankruptcy in the US this week. The airline is in trouble after the coronavirus pandemic stopped global travel. The company’s CEO introduced a plan which would help it get through the difficult times.
The airline will return 22 planes which they leased from other companies. Its main shareholder will sell shares worth 505 million dollars. New investors promised to pay the company’s owed money.
In northern countries, people started to travel again, but in some countries, the delta variant of COVID-19 is currently stopping travel in many countries, mainly in the US and China.
Difficult words: bankruptcy (the situation when a person or company cannot pay its debts), CEO (the main person in a company), shareholder (a person who owns a part of a company that is called a share), investor (a person who puts money into a business to help the business run).
You can watch the original video in the Level 3 section.
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