Cathay Pacific granted loan extension from HK government
Cathay Pacific has welcomed the Hong Kong government’s agreement to extend the drawdown period of the airline’s HK$7.8 billion loan facility.
This arrangement extends the drawdown period of the facility to 8 June 2022.
The bridge loan facility was part of the HK$39 billion recapitalisation plan announced a year ago to help the airline through the pandemic downturn..
Cathay Pacific Chief Executive Officer Augustus Tang said: "We greatly appreciate the government’s confidence in the airline and its long-term prospects despite the challenges brought on by the pandemic. We have not drawn down the facility over the past 12 months as we have been adopting a suite of measures to preserve cash."
The Group says its liquidity balance remains healthy at more than HK$28 billion as of the end of 2020.
It has also raised HK$6.74 billion from a convertible bond issue in February, and an additional US$650 million.
"As we look to the future, it is critically important that we continue to remain agile, focus on prudent cash management and explore capital financing opportunities as they arise," Tang added.
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