HONG KONG - Embattled Hong Kong Airlines said it has drawn up an initial plan for a cash injection and will pay staff who had their salaries deferred after regulators threatened to revoke its licence unless the company improves its finances.
The Air Transport Licensing Authority on Monday told Hong Kong Airlines to raise more cash or risk losing its licence, saying it would make a decision by Saturday. The carrier said last week that it was delaying salaries for some staff and cutting more flights next year. It said months of unrest in Hong Kong had severely damaged its business as tourist numbers slumped.
The protests compounded the company's troubles and put it on verge of becoming one of the highest-profile corporate casualties in a downturn that's hit peers across Asia, from Cathay Pacific Airways to Qantas Airways and Cebu Air. With no sign that protesters and the Beijing-backed leadership will come to a resolution any time soon, the International Monetary Fund on Wednesday called for significantly more government spending to support the troubled economy. The IMF expects the financial hub's economy to contract 1.2 per cent this year.
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