(10 Jun 2021)
Cathay Pacific has welcomed the Hong Kong SAR Government’s
agreement to extend the drawdown period of the HK$7.8 billion loan
facility for 12 months.
The arrangement extends the drawdown
period of the facility to 8 June 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.
Cathay Pacific Chief Executive Officer Augustus
Tang said, “We greatly appreciate the government’s confidence in
the airline and its long-term prospects despite the challenges
brought on by the pandemic. We have not drawn down the facility
over the past 12 months as we have been adopting a suite of
measures to preserve cash. We are thankful for the government’s
decision to extend the drawdown period, which…