HONG KONG: Cathay Pacific Airways Ltd may be “haemorrhaging” US$3mil a day, but its financial position is nowhere as precarious as that of its code-sharing US partner American Airlines, which narrowly avoided a massive bankruptcy filing at mid-week when flight attendants joined two other unions in approving sweeping wage concessions to help turn the airline around.
Asia’s fourth largest airline and Hong Kong’s de facto flag carrier, Cathay has slashed flights by 42% after passenger numbers fell by two-thirds due to fears of contracting the lethal Severe Acute Respiratory Syndrome (SARS) virus.
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