Top Asian airlines scramble to recapitalize as COVID-19 erodes cash piles
09 April 2020 - 12:00 am UTC
Flights have been grounded, malls, museums and restaurants closed since February in many parts of the world as the coronavirus (COVID-19) outbreak rampages, leaving many airlines gasping for air.
In Asia, the number of flights have decreased by over 75% compared to the level at the beginning of the year, according to data compiled by International Air Transport Association (IATA). Many air carriers – including the region’s best known names ranging from Singapore Airlines [SGX:C6L] to Cathay Pacific [HKG:0293] – are struggling to keep their balance sheets sound.
But as stock market bloodshed makes equity fundraising more difficult, some have turned to governments and existing shareholders for help.
To view the full article, please e-mail Hamish Miers.
– by Jessica Wong and Wong Ka-chun in Hong Kong, Maggie Lu in Sydney, Robert Lo in Taipei and Norie Hata in Tokyo
