Cathay Says Liquidity Healthy, Too Early to Assess Omicron Jolt

Bloomberg2021-12-01

Airline may consider additional financing opportunities Hong Kong carrier expects considerably better second half Cathay Pacific Airways Ltd. said it’s maintaining a healthy level of liquidity after ...

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BaldoRocks
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The business is now at around breakeven, it said.\nChief Financial Officer Rebecca Sharpe said Cathay may consider additional financing opportunities but it wasn’t yet possible to say if a HK$7.8 billion bridging loan from the Hong Kong government would be drawn down or extended again.\nUnder pressure from Covid, Cathay raised HK$39 billion in a recapitalization in July 2020 and embarked on extensive cash preservation measures, including staff layoffs, unpaid leave and pay cuts. The bridge loan that was part of the recapitalization --codenamed Apollo-- was extended for another year in June.\nSharpe, who joined Cathay in January, was speaking at the briefing with Chief Commercial and Customer Officer Ronald Lam. 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The carrier is liaising with airports worldwide about retaining summer slots from March, which would be a key issue, Lam added.\nCathay expects its second-half financial performance to show considerable improvement from the HK$7.6 billion loss in the first six months of the year. 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