Cathay Pacific unveils $5-bn bailout plan amid coronavirus pandemic

Financially battered Hong Kong airline Cathay Pacific Airways has become the latest airline to get government support to survive the coronavirus pandemic.
 

The Hong Kong government on Tuesday approved a 39 billion Hong Kong dollar ($5 billion) recapitalisation plan that calls for a new government-controlled entity called Aviation 2020 to buy $2.6 billion of an up to 33 billion Hong Kong dollars ($4.3 billion) share offering by Cathay Pacific.
 

That would give it a 6 per cent stake in the airline. The airline also would receive a 7.8 billion Hong Kong dollar ($1 billion) loan from Aviation 2020.
 

Cathay Pacific proposed the bailout as it struggles to survive the near collapse of regional travel due to the pandemic.