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The Hong Kong government has taken the unprecedented step of bailing out the city’s flagship airline, Cathay Pacific, which has been hit hard by the Covid-19 pandemic. Cathay lost HK$4.5 billion (US$580 million) in the first four months of 2020. The airline’s board of directors announced on June 9, 2020, that Cathay will undergo a HK$40 billion (US$5.2 billion) capital restructuring exercise, with the Hong Kong government taking the lead in a bailout package worth nearly HK$30 billion in loans and an undisclosed stake in the company. It will be the first time Hong Kong’s government has directly injected money into a private company.
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