Reprieve for Cathay Pacific

Cathay Pacific has been offered a reprieve by the Hong Kong SAR Government, which has extended the drawdown period of the HK$7.8 billion loan facility for 12 months until June 8, 2022. The bridge loan facility was provided to the airline as part of the HK$39 billion recapitalisation announced on 9 June 2020 to help the airline withstand the industry-wide downturn. “We greatly appreciate the Government’s confidence in the airline and its long-term prospects despite the challenges brought on by the pandemic,” says Cathay Pacific Chief Executive Officer Augustus Tang. “We have not drawn down the facility over the past