You keep referring to Philippine (note the spelling) Airlines but that airline's situation is not terminal:
The below is from 'Financier Worldwide' of 7 September 2021:
A victim of prolonged travel restrictions and a decline in tourism, Philippine Airlines Inc. (PAL) has filed for Chapter 11 bankruptcy in order to restructure and reorganise its finances to navigate the COVID-19 crisis and emerge as a leaner and better-capitalised airline.
As part of the Chapter 11 process, PAL has filed a restructuring plan, which is subject to court approval, which provides over $2bn in permanent balance sheet reductions from existing creditors and allows the airline to consensually contract fleet capacity by 25 percent.
Also included in the plan is $505m in long-term equity and debt financing from PAL’s majority shareholder and $150m of additional debt financing from new investors. PAL will also complete a parallel filing for recognition in the Philippines under the Financial Insolvency and Rehabilitation (FRIA) Act of 2010.
The flag carrier of the Philippines and the country’s only full-service network airline, PAL was the first commercial airline in Asia and marked its 80th anniversary in March 2021. It was also ranked the 30th best airline in the world in 2019.
PAL has stated that business operations will continue as usual during restructuring. PAL Holdings Inc., the holding company of PAL, and Air Philippines Corporation, known as PAL Express, are not included in the Chapter 11 filing.
“We welcome this major breakthrough,” said Dr Lucio C. Tan, chairman and chief executive of PAL. “This is an overall agreement that enables PAL to remain the flag carrier of the Philippines and the premier global airline of the country, one that is better equipped to execute strategic initiatives and sustain the Philippines’ vital global air links to the world.”
The company expects to emerge from the Chapter 11 bankruptcy process before the end of 2021.
Mr Tan concluded: “We are grateful to our lenders, aviation partners and other creditors for supporting the plan, which empowers PAL to overcome the unprecedented impact of the global pandemic that has significantly disrupted businesses in all sectors, especially aviation, and emerge stronger for the long-term.”
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However your point about QAN needing to raise more capital is valid. Hard to see how it can avoid this, given the huge uncertainty.
Like so many of us, I want to go overseas before June 2022 but am unwilling to make any bookings until the coast is clearer. Too much risk of being unable to travel at the last moment due to state or Federal government restrictions here, or similar imposed by foreign governments at five minutes' notice. I also want to be able to quarantine at home for no more than a week upon any return from foreign destinations. Daniel Andrews in Victoria has refused to set a date for the latter. His mismanagement of COVID-19 (more interested in daily distractions) is costing QAN, REX and unlisted Virgin Oz big time.
(20min delay)