After going Bankrupt, Philipinnes Airlines has set out a survival plan. 

Just last week the airlines had filed for bankruptcy protection. Now the company is returning some of its jets to lessors and postponing the deliveries of the new orders.

On Monday, the countries flag carrier said that it will be returning 22 of its jets to leasing companies. 

The news comes after a week of the company filing bankruptcy protection in the US. 

It has also been reported that the airlines is now pursuing a financial restructuring. As per the restructuring plans, the airlines will cut 2 billion dollars in borrowings and raise new finance. 

However, it does not expect to return to pre-crisis levels of business until 2024 or even 2025.

The move on Monday will make the number of jets that the airlines have from 92 to 70. 

The airlines is also postponing the delivery of its 13 new planes from airbus.