Cathay Pacific shareholders approve government bailout
Cathay Pacific’s billion dollar government bailout got overwhelming support by shareholders.
It received 99% shareholder approval for a proposed HK$39 billion (US$5 billion) financial package.
Cathay Chairman Patrick Healy told the South China Morning Post a business overhaul will take a couple of months.
Company structure, network planning, and the fleet will be reorganised.
Air China and Qatar Airways are major shareholders along with Swire Pacific.
All have agreed to the issuance of new shares.
The airline still faces major headwinds.
The pandemic and the fallout from the new national security law are ‘examples of the sorts of challenges that all airlines are facing,’ the Cathay Chairman said.
"It remains extremely difficult to forecast what happens in the future."
As part of the bailout, the HK government offered a HK$7.8 billion bridging loan, to help ease the airline’s immediate cash flow issues.
By Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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