Cathay Pacific unveils US$5 bn bailout plan
Hong Kong, June 9, 2020 -Cathay Pacific announced a HK$39 billion ($5 billion) government-led bailout plan on Tuesday as it battles a crippling downturn caused by the coronavirus.
Like many airlines hammered by the crisis, the Hong Kong carrier has seen passenger numbers all but evaporate in recent months leaving most of its fleet sitting on the tarmac and the company haemorrhaging cash.
The firm was already under pressure, after taking a hit from the impact of months of sometimes violent protests in Hong Kong last year that saw passenger numbers plunge.
On Tuesday the airline announced a sweeping proposal to inject liquidity and keep it afloat with the help of Hong Kong’s government.
