HongKong government to lead CathayPacific bailout package: SCMP
[SYDNEY] Hong Kong's government will lead a near HK$30 billion bailout package for Cathay Pacific Airways giving it two observer seats in the boardroom, the South China Morning Post reported on Tuesday, citing sources.
The deal includes a government loan and equity stake, the newspaper said, adding it was part of a broader HK$40 billion capital restructuring exercise for the airline to help it weather the coronavirus pandemic. Cathay and major shareholders Swire Pacific and Air China halted trading on Tuesday morning pending an announcement. Swire owns a 45 per cent stake in Cathay and Air China owns 30 per cent.
Cathay has grounded most of its planes because of falling demand amid coronavirus-related travel curbs, flying only cargo and a skeleton passenger network to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver. The company last month said it had made an unaudited loss of HK$4.5 billion at its full-service airlines Cathay and Dragon over January-April and flagged a"very bleak" outlook.
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