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21.10.2020 / 04:49

Cathay Pacific cuts 8,500 jobs, shutters regional airline

HONG KONG – Hong Kong airline Cathay Pacific Airways said Wednesday it would cut 8,500 jobs and shut a regional airline as it grapples with the plunge in air travel due to the pandemic.About 5,300 employees based in Hong Kong and another 600 elsewhere will likely lose their jobs, and 2,600 unfilled positions will be cut. The cuts are about 24% of the company’s workforce, Cathay Pacific said in a statement.The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday.

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Cathay Pacific proposes $5 billion bailout led by government

HONG KONG – Financially battered Hong Kong airline Cathay Pacific Airways has proposed the government help fund a 39 billion Hong Kong dollar ($5 billion) recapitalization plan to help it survive the coronavirus pandemic. Cathay Pacific said in a stock exchange filing on Tuesday that the plan calls for it to issue shares to raise more than 33 billion Hong Kong dollars (over $4.3 billion).

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