The Hong Kong government is set to lead a $5 billion bailout package for Cathay Pacific Airways, giving them two observer seats at Cathay's board meetings
), which had halted trading on Tuesday morning alongside Cathay, pending the announcement.
FILE PHOTO: Cathay Pacific aircraft are seen parked on the tarmac at the airport, following the outbreak of the new coronavirus, in Hong Kong, China March 5, 2020. REUTERS/Tyrone SiuBOCOM International analyst Luya You said the combined package would provide more than enough funding for Cathay to survive the rest of 2020.
Cathay said on Tuesday a fall in passenger revenue to only 1% of the previous year’s levels meant the airline had been losing cash at a rate of HK$2.5 billion to HK$3 billion per month since February. The airline said on Tuesday it would put in place a further round of executive pay cuts and a second voluntary leave scheme for employees as it considered the optimum size for the business in the future.
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