"There is clearly a strong collective desire to see our company survive and thrive, which I am confident we will," said Cathay Pacific CEO Augustus Tang Kin-wing
Recovery may take awhile
The airline foresees a slow recovery from the coronavirus pandemic where it may still take 2 to 3 years for travel demand to reach pre-covid numbers.
According to a report from the Bangkok Post, Cathay Pacific is embarking on a sweeping restructure to survive the pandemic, fresh from unveiling a HK$39 billion bailout, with the government providing most of the cash in exchange for two non-voting boardroom seats and the option to take a 6.08% take in the firm.
Airline employees and crew would rather take pay cuts rather than face retrenchment. During the first round of unpaid leaves, 80% of Cathay Pacific employees subscribed to pay cuts.
The pandemic has resulted to Cathay Pacific grounding most of its planes with daily passenger volume during the worst period of the coronavirus crisis falling to just less than 1% of normal figures.
Since February this year, the airline has been burning cash at a rate of up to $3 billion monthly.
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