Almost all of Cathay Pacific’s eligible pilots and cabin crew have accepted the revised contract terms that are a key part of the Hong Kong airline’s cost restructuring efforts.
Greater Bay Airlines, a new Hong Kong-based venture by Chinese billionaire Wong Cho-bau, is reportedly willing to take in former Cathay Pacific Group staff members as it waits for its air operator certificate.
Southeast Asia’s airline industry is being shaken up by a wave of restructuring programs prompted by the COVID-19 crisis, with most of the region’s flag-carriers looking to downsize to survive.
Cathay Pacific is confident its latest restructuring moves—including major workforce cuts and axing the Cathay Dragon brand—will allow it to reduce costs sufficiently to weather the COVID-19 crisis.
Cathay Pacific predicts that its passenger capacity will still be less than half pre-COVID-19 levels in 2021, even assuming best-case outcomes prevail.
Vice presidents and heads of network planning teams have registered for the event that will support the community in reshaping the world’s route networks.
The continued bleak outlook in the international market underlines the need for Cathay Pacific to undertake significant long-term changes, according to a senior executive at the airline.
Hong Kong-based Cathay Pacific has revealed new details of significant aircraft delivery deferrals, although the carrier has so far not canceled any of its extensive order backlog.
Cathay Pacific has reached a deal with Airbus to extend the delivery window for its A350s and A321neos by two years, and the carrier also confirmed it is talking to Boeing about deferring its 777-9s.
The COVID-19 crisis has triggered a massive half-year loss for Cathay Pacific, but there are some positive signs emerging as the airline gradually adds back capacity and transit traffic increases.
A Cathay Pacific overnight flight to London July 1 was delayed when police stopped the Airbus A350-1000 and arrested a protester attempting to leave the territory after allegedly stabbing a police officer.
Cathay Pacific has gained approval from the vast majority of its employees for an unpaid leave program—an important part of the airline’s efforts to reduce short-term costs.
Cathay Pacific has decided to apply for the Hong Kong government’s wage subsidy program as it confronts the severe financial hit it has taken from the COVID-19 crisis.
The Hong Kong government will gain a minority stake in Cathay Pacific thanks to a massive bailout package, while the airline has committed to further wage savings and a sweeping overhaul of the group’s business strategy.
Cathay Pacific is accumulating huge losses as almost all of its flights remain suspended because of COVID-19, and the Hong Kong-based carrier sees little prospect of improvement in the near term.
Cathay Pacific shareholder Qatar Airways is willing to invest more in the Hong Kong airline, which is currently working on a restructuring plan to survive the COVID-19 crisis.
