June 9, 2020 / 5:04 AM / a month ago

Hong Kong govt to lead $5 bln rescue package for Cathay Pacific

SYDNEY, June 9 (Reuters) - Cathay Pacific Airways Ltd announced on Tuesday a recapitalisation plan worth HK$39 billion ($5.03 billion) led by the Hong Kong government to help it weather the coronavirus pandemic.

The government will be issued HK$19.5 billion of preference shares, HK$1.95 billion of warrants and will provide a HK$7.8 billion bridging loan, Cathay said.

The pact also includes a HK$11.7 billion rights issue to existing shareholders, led by Swire Pacific Ltd and Air China Ltd , which had halted trading on Tuesday morning alongside Cathay, pending an announcement. ($1=HK$7.7502) (Reporting by Jamie Freed; Editing by Clarence Fernandez)

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