hard truth
PAL is losing money (surprise! surprise!). I have been constantly baffled by all talk from the unions that somehow PAL is able to do some magic with their numbers such that the airline actually has more money to spend. it does not.
Only way out, even if a white knight comes in to buy PAL and continue the company as a going concern, is further cost reductions, where naturally labor will bear the most pain. thus the inevitable ending would be a stalemate.
such a stalemate will then make any potential new investor-creditor hold on to their money. when that happens PAL will have no recourse (say after a couple of labor strikes again) but to close shop, sending all leased aircraft back to lessors and creditors, drying up all revenue.
By closing shop, PAL may then be re-sold to somebody later as there will still be some assets, most specially the routes and the certificates. it will likely emerge as a way smaller operation.
And it's not just with PAL. Look around (Japan Airlines under rehab for 6 months now with no end in sight, Mexicana declaring bankruptcy last week). It's a different ballgame now and PAL isn't likely to survive in it's current shape. hard truth, ladies and gents. brace yourselves.