Hong Kong-based airline Cathay Pacific Airways has announced a plan to raise $ 39 billion in Hong Kong dollars ($ 4.5 billion) in fresh capital to address the airline industry slump from the corona crisis. These include the issue of new shares.
The virus outbreak has hit Cathay hard and the fleet of the company has been largely grounded for a long time. Before that, Cathay was already bothered by months of street protests in Hong Kong against Chinese interference, which transported far fewer travelers.
In addition, Cathay also receives financial support from the Hong Kong government. The company is also engaged in salary cuts and voluntary staff departures.