The Hong Kong government will lead a $5 billion rescue package for Cathay Pacific in the latest public rescue for a troubled airline
), which like other airlines has been hit by a global travel slump triggered by the coronavirus pandemic.
“The alternative would have been a collapse of the company. Commercial debt markets are effectively closed to airlines today who do not have extensive government shareholder support,” Cathay Chairman Patrick Healy told reporters on Tuesday. Finance Secretary Paul Chan said the investment in Cathay was to help protect Hong Kong’s role as a leading international aviation hub while generating a reasonable financial return.
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Hong Kong government to lead $5 billion rescue package for Cathay PacificCathay Pacific Airways Ltd announced on Tuesday a recapitalisation plan worth HK$39 billion ($5.03 billion) led by the Hong Kong government to help it weather the coronavirus pandemic.
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Hong Kong takes stake in Cathay Pacific as part of $5 billion bailoutThe Hong Kong government has agreed to lead a $5 billion bailout of Cathay Pacific, taking a minority stake in the city's beleagured flagship carrier
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Hong Kong government to lead $5 billion rescue package for Cathay PacificCathay Pacific Airways Ltd revealed on Tuesday the Hong Kong government will lead a recapitalisation plan worth HK$39 billion ($5 billion) to help it through the coronavirus pandemic, the latest public rescue for a troubled airline.
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Cathay Pacific, major shareholders Swire and Air China halt trading in Hong KongCathay Pacific Airways Ltd and its major shareholders Swire Pacific Ltd and Air China Ltd halted trading in their shares in Hong Kong on Tuesday pending announcements.
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Cathay Pacific to Get Bailout Led by Hong Kong GovernmentHong Kong’s government is leading a bailout of the city’s flagship carrier Cathay Pacific Airways, providing it with the bulk of a $5 billion funding package that might also give the government a minority stake in the 73-year-old company.
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Hong Kong leader says city cannot tolerate any more 'chaos'Hong Kong leader Carrie Lam said on Tuesday the Chinese-ruled city cannot afford to tolerate any more of the 'chaos' that has roiled it over the past 12 months, with anti-government protests plunging the city into turmoil.
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