SYDNEY/WASHINGTON - Shattered airlines were left counting the cost of government support as politicians in the United States and New Zealand set out conditions for bailouts needed to absorb the shock of coronavirus.
Under the $58 billion US proposal for passenger and cargo carriers, the US Treasury Department could receive warrants, stock options, or stock as a condition of government assistance in order for the government to participate in gains and be compensated for risks. "Money is very tight in most countries so governments need to step back and be hard-nosed about any form of rescue, which could come in various forms - cash, equity, loans, bonds etc - but it all must come with strict conditions or strings, attached," Shukor Yusof, head of Malaysia-based aviation consultancy Endau Analytics, said in an email.
On Friday, Cathay Pacific Airways Ltd said it would slash passenger capacity by 96 percent, and possibly more in April and May, as new government curbs make travel more difficult.
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