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Hong Kong Airlines gets cash injection to avoid grounding
Hong Kong Airlines has earned a reprieve for now and will continue operating after securing enough funds to satisfy regulators.
The Hong Kong Air Transport Licensing Authority had given the airline a deadline of late last week to find enough funds or face possible closure.
The airline said it had managed to secure funds at the last minute and the ATLA seems satisfied it is sufficient to continue flying.
The ATLA said no further action will be taken – for now.
"ATLA has given careful consideration to factors including public interests and the policy direction of maintaining Hong Kong as an international aviation hub," it said.
The authority will continue monitoring the airline and will take necessary action if funds dwindle.
Hong Kong Airlines has still not disclosed publically how much it received and the source of the cash injection.
The ATLA issued a deadline to the airline early last week after it announced it couldn’t pay all of its workers on time.
Hong Kong Airlines was founded in 2006 and is as part of China based conglomerate HNA Group which itself is struggling to pat down a debt pile of billions of dollars.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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