The airline industry has been hit hard by the COVID-19 pandemic and the Southeast Asia airline market has been particularly hit hard.
We have already published more information on airlines in the region in our article on Southeast Asia Airlines.
Cathay Pacific have announced the closure of its regional carrier Cathay Dragon and more than 8,000 job losses as COVID continues to hit the airline.
Cathay Dragon mainly operated routes throughout China and Southeast Asia.
Cathay Dragon is hoping to continue to operate most Cathay Dragon routes under either its own brand or that of its budget carrier, HK Express. Cathay is however only expecting to operate 50% of its normal capacity during 2021.
The airline has previously received a HK $39 billion (approx £3.9 billion, $5 billion) bailout from the Hong Kong Government in June and is reported to be losing HK$1.5 (approx £147 million, $193 million) billion to HK$2 billion (approx £196 million, $258 million) of cash a month. The restructuring of Cathay Pacific should help reduce this by HK$500 million (approx £49 million, $64.5 million) a month in 2021.
Cathay Pacific have also announced that they will postpone delivery of 21 Boeing 777-9 jets on order.
Mayalysia Airlines had been struggling prior to COVID-19 with many of its troubles dating back to the disappearance of flight MH370 from Kuala Lumpur to Beijing on 8 March 2014 and Flight MH17 from Amsterdam to Kuala Lumpur that was shot down over Ukraine on 17 July 2014.
The Malaysian government had injected significant funds into the airline and are now reported to be unwilling to invest further.
Sovereign Wealth Fund, the parent company are negotiating with creditors and lessors but talks are reported to be taking longer than planned.
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