HONG KONG – Financially battered Hong Kong airline Cathay Pacific Airways has proposed the government help fund a 39 billion Hong Kong dollar ($5 billion) recapitalization plan to help it survive the coronavirus pandemic.
Cathay Pacific said in a stock exchange filing on Tuesday that the plan calls for it to issue shares to raise more than 33 billion Hong Kong dollars (over $4.3 billion).
Of that total, about 20 billion Hong Kong dollars ($2.6 billion) would be issued to a new, government-controlled group to be called Aviation 2020.