MANILA, Philippines — PAL Holdings Inc., the parent firm of flag carrier Philippine Airlines, has named Lucio “Han” Tan III as its vice president, a new position in its corporate structure.
Prior to the appointment, PAL Holdings did not have a vice president position in its corporate set up.
Han is the grandson of taipan Lucio Tan, who currently sits as chairman, president, and chief executive officer of PAL Holdings.
Han debuted in the PAL board in late 2019 following the passing of his father, the late Lucio “Bong” Tan Jr. He was elected as director of PAL Holdings, Philippine Airlines Inc., and Air Philippines Corp.
Han also serves as a director in his grandfather’s various companies such as LT Group Inc., Lufthansa Technik Philippines, MacroAsia, Eton City, and most recently, Philippine National Bank.
PAL is currently working on a comprehensive restructuring plan that will enable the airline to emerge financially stronger from the current global crisis.
Part of the plan is to seek court protection from creditors as it undertakes debt restructuring, with a Chapter 11 filing in the US among the considerations.
“We are managing liquidity. We’ve returned some aircraft. We’ve been trying to get the forbearance of our lessors on the payment for our aircraft,” Philippine Airlines president and COO Gilbert Santa Maria said in a recent television interview.
“We have faith in our restructuring ability. We have faith in the resilience of the Filipinos. We believe that we will make it through this and that we will continue to work with this government and the people of the Philippines to make it through,” he said.