Philippines’ Cebu Air Refunds $153 million to Customers
(Bloomberg) -- Cebu Air Inc., the largest Philippine budget carrier, said it refunded 7.7 billion pesos ($153 million) to customers, completing requests for reimbursements that were filed until June due to the pandemic.
The airline processed 991,764 requests and continues to work with customers whose applications are still pending, Cebu Air said in a statement.
Cebu Air in May raised $250 million through the sale of convertible bonds, providing the carrier with funds to help withstand the impact of the pandemic. The company’s net loss widened to 7.3 billion pesos in the first quarter, from 1.18 billion pesos a year earlier, as the coronavirus outbreak cut passenger revenue by 92%.
Read: Cebu Air Gets $250 Million From IFC, Indigo as Loss Widens
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