Corporate turbulence: A Cathay Pacific passenger plane making its descent before landing at Hong Kong’s international airport. Cathay has been losing as much as HK$3bil a month recently as the coronavirus outbreak led to a collapse in passenger traffic. — AFP
HONG KONG: Cathay Pacific Airways Ltd agreed with Airbus SE to delay deliveries of aircraft by as much as two years in a move that could cut the carrier’s monthly cash losses in half while the coronavirus pandemic slams the aviation industry.
Deliveries of A350-900s and A350-1000s have been deferred to 2020-2023 from 2020 and 2021, while A321neo deliveries have been pushed back to 2020-2025 from 2020-2023, Cathay said in a prospectus for its HK$11.7bil (US$1.5bil) rights issue.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
