14 July 2020
Cathay Pacific have received overwhelming support from shareholders, with 99% approval for a government bailout of a proposed HK$39 billion (US$5 billion) package.
Cathay Pacific are now set for a reorganisation with a business overhaul that will take a couple of months. The global Covid-19 pandemic and the aftermath of the new national security law have shown the challenges that airlines are facing in current times.
Air China and Qatar Airways are major shareholders along with Swire Pacific, with all in agreement to the issuance of new shares.
The airline say that it is difficult to predict what will happen in the future but the government package will ease immediate cashflow with a HK$7.8 billion bridging loan.
