Cathay Pacific proposed the bailout as it struggles to survive the near collapse of regional travel due to the pandemic
Current Affairs : Monetarily battered Hong Kong aircraft Cathay Pacific Airways has become the most recent carrier to get government backing to endure the coronavirus pandemic.
The Hong Kong government on Tuesday endorsed a 39 billion Hong Kong dollar ($5 billion) recapitalisation plan that requires another legislature controlled substance called Aviation 2020 to purchase $2.6 billion of an up to 33 billion Hong Kong dollars ($4.3 billion) share offering by Cathay Pacific.
That would give it a 6 percent stake in the carrier. The aircraft likewise would get a 7.8 billion Hong Kong dollar ($1 billion) credit from Aviation 2020.
Cathay Pacific proposed the bailout as it battles to endure the close to crumple of territorial travel because of the pandemic.
Aditi Mehta 