Lufthansa to buy PAL assets<\/p>\n
MANILA (Reuters): Debt-ridden Philippine Airlines has signed a
\nletter of intent with a unit of Germany's Lufthansa to sell its
\nmaintenance and engineering operations, company president Avelino
\nZapanta said on Tuesday.<\/p>\n
Zapanta told Reuters the letter was signed last weekend, but
\ntalks were still continuing on details.<\/p>\n
The two sides were also discussing a possible management
\ncontract under which a Lufthansa unit would take over day-to-day
\noperations of the airline, he said.<\/p>\n
\"We are still discussing management and there is no letter of
\nintent on that yet,\" he said.<\/p>\n
PAL, which has some $2.2 billion in debt and is in the midst
\nof a rehabilitation program, is currently managed by a team of
\nadvisers formerly employed by Cathay Pacific Airways and its
\nparent Swire Pacific.<\/p>\n
Zapanta said the team was still under contract to PAL but that
\ncould change.<\/p>",
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