Lucio Tan III, grandson of Filipino billionaire businessman Lucio Tan, has just been appointed vice president at PAL Holdings the company that runs Philippine Airlines.
Tan’s appointment comes a time when unnamed sources told Bloomberg Law that Philippine Airlines is in talks to raise about USD500 million as part of a restructuring plan.
“We’re managing liquidity, we’re trying to continue to get the forbearance from our lessors on the payments on the aircraft. We’ve returned some aircraft,” the PAL chief said.
In late 2019, Tan III was also appointed president and chief operating officer of the family-led Tanduay Distillers and director of LT Group, MacroAsia, PAL Holdings, PAL and Air Philippines.
He has a bachelor’s degree in computer engineering and master’s degree in computer science from Stanford University.