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Cathay Pacific given an extra year to tap Hong Kong government’s US$1 billion rescue loan facility

The Hong Kong government has extended the drawdown period of the HK$7.8 billion (US$1 billion) rescue loan facility it extended to Cathay Pacific, giving the embattled airline another year to access the funds if needed.The bridging loan facility was part of the airline’s HK$39 billion recapitalisation package, which also included a HK$11.7 billion rights issue to shareholders and a government subscription to its preference shares totalling HK$19.5 billion.The aim was to keep the airline afloat…

Read the original article at South China Morning Post

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