Disaster Averted

Reports are still coming in, but this appears to be nothing less than a catastrophe averted. A Quantas airliner was flying over the Pacific when there was a loud bang and a loss of cabin pressure. The crew managed to maintain control and descend the plane from 40,000 feet to 25,000 feet before making an emergency landing in the Philippines.

The cause of the problem is under investigation, but this is quite troubling:

Passengers reported hearing a loud bang before the aircraft rapidly lost altitude and said the Boeing 747-400 had a hole the size of a mini-van in its undercarriage when it landed in the Philippine capital.

It was an amazing experience, but not a good one," Glenyce Johnson, 47, told Reuters. "The aircraft plunged from around 40,000 feet to 25,000 feet."

Qantas confirmed the loss of cabin pressure and the rupture in the airplane's fuselage and said all 346 passengers and 19 crew disembarked safely. The aircraft was being inspected.

Other reports indicate that it was an explosive decompression, but that doesn't necessarily mean that a bomb was involved. A hatch could have been lost, resulting in the situation.

Lina said the cabin's floor gave way, exposing some of the cargo beneath and part of the ceiling collapsed.

"There is a big hole on the right side near the wing," he said, adding it was 2.5 to 3 yards in diameter.

Passengers who talked to the media at the airport described hearing an explosion and then oxygen masks were released.

"One hour into the flight there was a big bang then the plane started going down," passenger Marina Scaffidi, 39, from Melbourne, told The Associated Press by phone from Manila airport. "There was wind swirling around the plane and some condensation."

She said the hole extended from the cargo hold into the passenger cabin.

UPDATE:
Video of the hole and ongoing coverage can be found here. (HT: Thanos)

UPDATE:
The plane was apparently at 29,000 feet and was in in the process of climbing to its cruising altitude when the incident occurred. The damage to the plane was just forward of the wing, and exposed the cargo hold. Some baggage may have been lost as well.