Cathay Pacific London Hong Kong – Tuesday, June 9, 2020 — Cathay Pacific today announced a reinvestment plan that will help it remain competitive in its operations, and continue its commitment to Hong Kong as an international air traffic, financial and trade hub.
This three-part process is designed to provide Cathay Pacific with sufficient funds to weather the industry downturn, as well as a sound financial framework from which to conduct a wholesale analysis of the actions required to transform its business and show the new world. market dynamics.
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• Tranche A: Cathay Pacific will issue HK$19.5 billion in preferred shares with removable guarantees to the Hong Kong Special Administrative Region (HKSAR) following shareholder approval.
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• Tranche B: Cathay Pacific will launch a rights issue of $11.7 billion of shares to existing shareholders after obtaining the necessary shareholder approval.
• Tranche C: The HKSAR government will provide a US$7.8 billion bridge loan to Cathay Pacific, available for immediate repayment.
As a responsible company, we will continue to explore opportunities to improve our capital structure. If appropriate market conditions arise, we may increase our access to the equity and debt capital markets to strengthen our balance sheet.
Patrick Healy, CEO of Cathay Pacific said: “We are grateful for the capital support from the HKSAR government, which has enabled Cathay Pacific to maintain our operations and continue to enhance the status of Hong Kong Airport. We are also grateful for the shares that us for their confidence in the long-term future of Cathay Pacific and the ability of the Cathay Pacific management team to lead the airline through the most challenging period in the group’s history.”
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Cathay Pacific faces many challenges from 2019. The positive growth from 2018 led to strong results in the first half of 2019. However, since the middle of 2019, passenger traffic has decreased as a result of the social situation in Hong Kong and this is a. a challenging situation. exacerbated by the outbreak of the disease COVID-19.
Most industry analysts predict a slow recovery over time, with the International Air Transport Association (IATA) predicting that it will be 2023 at the earliest before international passenger demand returns to previous levels. Cathay Pacific is even weaker than its international airline peers, since its airlines have no domestic network and rely entirely on cross-border travel. This travel has been very limited and subject to strict quarantine, and there is no hope of a return to regular national travel arrangements anytime soon.
Cathay Pacific has responded quickly to this unprecedented crisis and continued to focus on saving money. Among many of his actions to save money are a 97% reduction in passenger capacity, implementing executive pay cuts, delaying new aircraft orders and implementing the retirement of older aircraft and introducing a special voluntary leave program function, who was. 80% of the workforce.
Mr Healy explained: “Despite these measures, the drop in passenger revenue to around 1% of last year’s levels means we are losing revenue of around $2.5 billion to $3 billion a month on month February, and the future is still very uncertain.
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“The amount of new capital we announced today does not mean we can rest easy. Quite the opposite. That means we need to increase our efforts to change our business practices to achieve efficiency. Today we announced a new round of salary reductions, and a special voluntary second leave program for our employees.”
In the fourth quarter of this year, Cathay Pacific’s management team will propose to the board the largest size and shape of the Cathay Pacific group to meet Hong Kong’s air travel needs while maintaining the company’s financial position at a healthy level, and at the same time. fulfilling our responsibilities to our shareholders in the years ahead.
Mr Healy said: “We are in a very dynamic environment. We need to make the right decisions to adapt to the new reality of global aviation and secure our long-term future. This will require rethinking all aspects of our business model in light of the rapidly changing macro industries.
“This will certainly involve adjusting our planned capacity in the future compared to our pre-crisis plans, taking into account the market conditions and pricing structure at the time.”
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With that said, Cathay Pacific reaffirms our commitment to our customers and is confident in the long-term future of the airline industry.
Mr Healy said: “Cathay Pacific has been built on great service and we remain committed to providing a great experience that our customers love and value. We will continue to maintain this by focusing on our strengths and investing in industry development big.
“Tough decisions will be required in the fourth quarter of this year to get Cathay Pacific the right size and shape to thrive and succeed in this new environment. But once we find the right airlines to come with our new reality, our long-term part will be there. The prospects are as bright as ever, with a 70-year-old brand, excellent service offered by Cathay Pacific and Cathay Dragon. The Greater Bay Area, an area that will be the engine of global economic growth in the next few years. The challenge before us is The short-term is important, but our long-term future is bright.” Cathay Pacific Airways made a close flight today. with its new Airbus A350 from Hong Kong International Airport to Hong Kong. Cong. London Gatwick Airport – the best destination in the airline network. Flight CX343 departed Hong Kong at 00:55 and arrived at Gatwick Airport on schedule at 06:30 local time.
Before the next departure of flight CX344, Cathay Pacific’s first flight from Gatwick to Hong Kong, a ceremony was organized at the gate for a special celebration with the passengers. CX344 departed from Gatwick Airport with more than 90 per cent of seats filled.
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The new four times weekly service between Hong Kong and Gatwick is well placed to cater for both leisure and business travellers. With a serious focus on providing passengers with more choice and flexibility, Cathay Pacific offers 43 non-stop flights to the UK per week, including five daily services to Heathrow and four weekly flights to Manchester.
The addition of Gatwick to the airline’s network follows Cathay Pacific’s recent expansion in Europe, following the launch of Zurich and Düsseldorf last year and Madrid in June. In total, the company flies 96 direct flights to 10 European cities every week.
For passengers based in London, the South East and South of England, the Gatwick service provides a convenient way to travel to and from Hong Kong via Hong Kong Airport.
To date, Cathay Pacific has received four Airbus A350-900 aircraft. Incorporating the latest technology and design, the environmentally friendly A350 offers passengers in all classes a great travel experience.
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With the airline’s new Business, Premium Economy and Economy Class models, the A350’s cabin design has been carefully considered to give passengers more control over how they spend their time on board. As well as the latest seats and advanced in-flight entertainment system, the aircraft is equipped with Wi-Fi, meaning passengers can stay connected throughout their journey Passengers board Cathay First Class Pacific Airways at Hong Kong International Airport in Hong Kong, China. April 4, 2018. /Bobby Yip
Sep 9 () Hong Kong-based Cathay Pacific Airways Ltd (0293.HK) will close its London pilot base and review its remaining overseas pilot bases in the United States, the company said on Thursday, as it battles face the effects of the coronavirus.
The closures come after Cathay reviewed its London base in July and closed bases in Australia, New Zealand, Canada and Germany this year to focus operations in Hong Kong, where pilots are facing permanent layoffs. wages to keep their jobs.
The London-based pilots, most of whom have not flown since April 2020, will be given the opportunity to reassign or return to Hong Kong, Cathay said in a statement.
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“The decision was not taken lightly and does not take into account the experience of the pilots based in London,” the company said.
In June, Cathay hired pilots with Hong Kong residency as part of its medium-to-long-term plan, even though most of its fleet was parked due to the virus. Read more
In July, a 98.4% drop in passenger numbers was reported from the same month in 2019, before the outbreak, which attributed the drop to tighter security measures. Hong Kong carrier Cathay Pacific on Wednesday reported a loss of more than US$703 million last year, a big improvement on the record losses it posted in 2020 as the airline struggled. travel restrictions.
Chairman Patrick Healy said the company “continues to face significant challenges” and that the losses this year were “appalling” despite the progress made.
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