Airline has money problems – level 3

14-09-2021 07:00

Philippine Airlines has filed for bankruptcy protection in the US with a plan that helps the country’s main airlines recover after the pandemic devastated global travel.

As a part of a survival plan set on Monday, the airline said that it would return 22 of its jets to lessors and postponing delivery of new planes on order. The airline is now pursuing financial restructuring that will cut two billion dollars in borrowing and raise new money. However, the airlines doesn’t expect a recovery to pre-crisis levels of business until 2024.

The restructuring plan needs court approval, and it will allow the airline to reduce its fleet capacity by 25%. The airline will also get 505 million dollars in equity and debt financing from its majority investor, as well as 150 million of debt financing from new investors.

While an end to lockdowns eased the hurt on travel in the northern part of the world, the delta variant of COVID-19 has recently begun hurting many airlines again in the US and China.

Difficult words: lessor (a person or company who leases or lends land or equipment to somebody else), fleet (a number of vehicles or planes that an organization owns), equity and debt financing (raising money through the sale of shares and parts of the business).

You can watch the video news lower on this page.

What do you think about this news?


News in Levels is designed to teach you 3000 words in English. Please follow the instructions

How to improve your English with News in Levels: 


  1. Do the test at Test Languages.
  2. Go to your level. Go to Level 1 if you know 1-1000 words. Go to Level 2 if you know 1000-2000 words. Go to Level 3 if you know 2000-3000 words.


  1. Read two news articles every day.
  2. Read the news articles from the day before and check if you remember all new words.


  1. Listen to the news from today and read the text at the same time.
  2. Listen to the news from today without reading the text.


  1. Answer the question under today’s news and write the answer in the comments.


  1. Choose one person from the Skype section.
  2. Talk with this person. You can answer questions from Speak in Levels.


Stock images by Depositphotos