Singapore Airlines Receives Rescue Package

Singapore Airlines is set to benefit from a rescue package worth S$19 billion

Singapore Airlines has been given funds to help it survive through the coronavirus crisis.

DBS Bank has agreed to give the carrier a bridge loan of S$4 billion through the Covid-19 crisis, which saw the airline cut scheduled capacity by 96% on 23 March.

Reuters has also reported that Signapore Airline’s largest shareholder, Temasek Holdings, said it would underwrite the sale of shares and convertible bonds for up to S$15 billion.

This adds up to S$19 billion – more than £10 billion – to help the carrier weather the coronavirus storm.