SINGAPORE - Singapore Airlines (SIA) has spent half of the $8.8 billion that it raised through its rights issues, as airlines continue to be battered by the Covid-19 pandemic that has paralysed air travel.. Read more at straitstimes.com.
SINGAPORE - Singapore Airlines has spent half of the $8.8 billion that it raised through its rights issues, as airlines continue to be battered by the Covid-19 pandemic that has paralysed air travel.This comprises $2 billion to repay a bridge loan that was taken to tide the company over from March to June until the proceeds of the rights issues came through in early June.The remaining $1.9 billion was used for ticket refunds and repayment of funds previously drawn under certain lines of credit.
SIA raised the funds in June, after the Covid-19 outbreak and resulting border restrictions emptied the skies and kept planes grounded. Since the start of the Covid-19 pandemic, SIA has taken steps to significantly reduce its monthly expenditure, a spokesman told The Straits Times. "SIA has also cut the salary of all staff members, we have asked people to go on furlough and offered various no-pay leave schemes, and we have introduced voluntary early release schemes", he said.
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