About: http://data.cimple.eu/news-article/00cc3a6e4c64a27b9fc2280de5ebed2ea883937cee3885270bc09594

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About: http://data.cimple.eu/news-article/00cc3a6e4c64a27b9fc2280de5ebed2ea883937cee3885270bc09594 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Cathay Pacific shares soared more than 18 percent at the open on Wednesday morning, a day after the airline announced a major government bailout to survive the coronavirus crisis. Shares in the flagship Hong Kong carrier were fetching HK$10.46, up 18.73 percent, when trading opened on the city's stock exchange. Those gains were swiftly pared but it was still trading some four percent higher in the early morning. Like many carriers hammered by the global pandemic, Cathay has seen passenger numbers evaporate in recent months, leaving most of its fleet sitting on the tarmac and the firm haemorrhaging cash. But the company -- and investors -- were thrown a lifeline on Tuesday when Hong Kong's government came to the rescue with a plan for a HK$39 billion ($5 billion) bailout. Trading in Cathay's shares was suspended on Tuesday pending an announcement about the plan, which will also see Hong Kong's government take a six-percent share in the company and get two board members with observer status. The bulk of the capital will come from new shares issued to Aviation 2020, a company owned by the government, as well as a HK$7.8 billion bridging loan also from the government. Under the proposal, Cathay will raise about HK$11.7 billion in a rights issue, while preference shares will be sold to the government for HK$19.5 billion and warrants for HK$1.95 billion, subject to adjustment. jta/jah
schema:headline	Cathay Pacific shares soar more than 18% after bailout
schema:mentions	Cathay Pacific Flagship Bailout Hong Kong City Pandemic Issued shares Japan Transocean Air Airport apron
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	57 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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