Philippine Airlines' biggest share-holder and Chairman (I think) Lucio Tan is planning to sell his share in the airline. (You can say he's selling his airline since he owns 90% of the airline)
The source said Tan is so determined to sell the airline that he has offered to pay a 3% sales commission to anyone who can facilitate the purchase.
The source declined to reveal Tan's asking price, but said any interested party will be allowed to perform due diligence to verify the airline's true value.
Tan was in talks with Lufthansa, EVA Air, Singapore Airlines for selling PAL to them.
Lucio Tan involved in PAL's management in mid-90s. His fast expansion plan with speedy fleet replacement caused the airline collapsed in 1998 for 2 weeks.