CATHAY PACIFIC

How did Cathay Pacific survive multiple hits taken by Covid-19?

The Impact

government finance support

cut salaries/lowered pay for staff

encourage staff to sign up for vaccinations

cut jobs (5,9000)

shut its regional brand cathay dragon (merged together; cathay dragon is now just cathay pacific)

What were their sought sources of finance?

shareholders

government funding

Cathay Pacific received up to HK$7.8 billion bridge loan from the Hong Kong SAR Government

lam said she would lead cathay to recovery

turned to government and shareholders for a HK$39 billion bailout to avoid going bust

selling internal finances

selling cathay dragon planes to others

shut down cathay dragon in oct 2020

prevent bankruptcy during 2020 due to fundings from government and shareholders

Have been transferred to the Cathay Pacific fleet which means that the airline will start to become a narrow body operator

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sheds 8500 jobs

government rescue package

create more jobs