Singapore Airlines Ltd said on Monday that it had secured about $1 billion in credit facilities, in addition to the S$8.8 billion ($6.32 billion) it recently raised from a rights issue, to help it weather the COVID-19 pandemic.
FILE PHOTO: A Singapore Airlines plane sits on the tarmac at Singapore's Changi Airport March 11, 2020. REUTERS/Edgar Su/File Photo
Global airlines have taken a huge blow as curbs imposed to stop the spread of the coronavirus led to a plunge in travel demand, leading to a liquidity crisis at firms. Singapore Airlines’ total financing is among the biggest raised by any carrier amid the global health crisis. “During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary,” the company said in a statement.
Singapore Airlines added that the maturity dates for some of its debts had been extended to 2021 or later, ensuring an available liquidity of more than S$1.7 billion.
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