Cathay has not had to draw down the facility over the past 12 months. REUTERSCathay Pacific Airways (0293) says it welcomes the Hong Kong government's agreement to extend the drawdown period of the HK$7.8 billion loan for a further 12 months until June 8 next year. The further extension of the drawdown period is greatly appreciated and will provide Cathay with the flexibility to manage its liquidity position, said chief executive Augustus Tang Kin-wing. Despite the difficult operational environment amid Covid, the airline has not had to draw down the facility over the past 12 months, Tang said. Based on its preliminary assessment, the airline is aiming to reduce operating cash burn to less than HK$500 million a month for the next few months, Tang said.

Source: The Standard June 08, 2022 05:43 UTC