Philippine Airlines recorded a $1.51 billion loss in 2020, up seven fold from a year earlier, after the COVID-19 pandemic lashed the global aviation sector.

In a disclosure, the parent company of the Philippine Airlines (PAL Holdings) said it is putting a debt restructuring plan for the flag carrier to help it through the crisis.

Several other Southeast Asian airlines have already agreed restructuring plans or have sought approval for capital infusions and court-assisted debt relief.

PAL Holdings said consolidated revenue at the airline fell 64 percent to $2.7 billion last year due to travel restrictions imposed to prevent the spread of the novel coronavirus.

It is working on the final stages of a restructuring plan, including court-assisted protection, to improve the capital structure and meet obligations, it said. PAL Holdings had around $6 billion in liabilities as of end-December.

Philippine Airlines, partly owned by Japan’s ANA Holdings Inc, announced in October it was slashing 2,700 jobs, or a third of its workforce. It has a fleet of 97 Boeing and Airbus aircraft, 81 of which are leased.